Envestnet Asset Management Inc. Grows Holdings in Okta, Inc. (NASDAQ:OKTA)

Envestnet Asset Management Inc. raised its holdings in Okta, Inc. (NASDAQ:OKTA - Free Report) by 68.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 96,217 shares of the company's stock after purchasing an additional 39,189 shares during the quarter. Envestnet Asset Management Inc. owned 0.06% of Okta worth $10,124,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Marshall Wace LLP raised its position in Okta by 35.5% in the fourth quarter. Marshall Wace LLP now owns 3,583,937 shares of the company's stock worth $282,414,000 after acquiring an additional 938,509 shares during the period. Norges Bank purchased a new position in shares of Okta during the fourth quarter valued at approximately $234,992,000. Geode Capital Management LLC increased its stake in Okta by 5.3% during the 4th quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company's stock valued at $212,385,000 after purchasing an additional 135,110 shares in the last quarter. Point72 Asset Management L.P. increased its position in shares of Okta by 236.8% during the 4th quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company's stock valued at $176,271,000 after purchasing an additional 1,572,786 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in Okta by 2,135.7% in the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company's stock worth $150,845,000 after purchasing an additional 1,828,630 shares in the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

OKTA has been the subject of a number of recent research reports. Barclays reduced their price objective on Okta from $135.00 to $120.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 28th. Roth Capital reiterated a "buy" rating and set a $119.00 target price on shares of Okta in a report on Wednesday, May 28th. DA Davidson lowered their price target on Okta from $145.00 to $140.00 and set a "buy" rating for the company in a research report on Wednesday, May 28th. Arete Research raised Okta to a "strong sell" rating and set a $83.00 target price on the stock in a research report on Monday, July 7th. Finally, The Goldman Sachs Group increased their price objective on shares of Okta from $123.00 to $137.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $119.44.

Okta Price Performance

OKTA stock traded up $0.43 during trading hours on Monday, hitting $95.86. 3,213,947 shares of the stock traded hands, compared to its average volume of 3,149,678. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.05. The company has a market cap of $16.78 billion, a P/E ratio of 152.16, a P/E/G ratio of 4.62 and a beta of 0.82. Okta, Inc. has a one year low of $70.56 and a one year high of $127.57. The stock has a 50-day simple moving average of $105.12 and a 200 day simple moving average of $101.55.

Okta (NASDAQ:OKTA - Get Free Report) last announced its earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, beating analysts' consensus estimates of $0.77 by $0.09. The company had revenue of $688.00 million during the quarter, compared to analyst estimates of $680.14 million. Okta had a return on equity of 2.79% and a net margin of 4.85%. The firm's quarterly revenue was up 11.5% compared to the same quarter last year. During the same period last year, the company posted $0.65 earnings per share. Equities analysts forecast that Okta, Inc. will post 0.42 earnings per share for the current year.

Insider Activity

In other Okta news, insider Larissa Schwartz sold 2,244 shares of the firm's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $100.00, for a total value of $224,400.00. Following the sale, the insider owned 23,640 shares of the company's stock, valued at $2,364,000. This trade represents a 8.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Jonathan James Addison sold 3,000 shares of the company's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $91.81, for a total transaction of $275,430.00. Following the completion of the sale, the executive directly owned 16,067 shares of the company's stock, valued at $1,475,111.27. This trade represents a 15.73% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,002 shares of company stock worth $3,522,072. Insiders own 5.68% of the company's stock.

Okta Profile

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.