Exencial Wealth Advisors LLC Makes New Investment in Okta, Inc. (NASDAQ:OKTA)

Key Points

• Exencial Wealth Advisors LLC has acquired a new position in Okta, Inc. by purchasing 3,278 shares valued at approximately $345,000 in the first quarter.
• Okta, Inc. recently reported quarterly earnings of $0.86 per share, exceeding analysts' expectations, with revenue of $688 million, marking an 11.5% increase year-over-year.
• The stock has a current market capitalization of $16.03 billion and a P/E ratio of 145.32, indicating a high valuation compared to its earnings.

Exencial Wealth Advisors LLC acquired a new position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,278 shares of the company's stock, valued at approximately $345,000.

Several other hedge funds have also recently bought and sold shares of OKTA. Vanguard Group Inc. raised its position in shares of Okta by 3.4% in the first quarter. Vanguard Group Inc. now owns 17,792,886 shares of the company's stock valued at $1,872,167,000 after buying an additional 582,956 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Okta by 325.6% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,699,944 shares of the company's stock valued at $389,308,000 after buying an additional 2,830,582 shares in the last quarter. Marshall Wace LLP raised its position in shares of Okta by 35.5% in the fourth quarter. Marshall Wace LLP now owns 3,583,937 shares of the company's stock valued at $282,414,000 after buying an additional 938,509 shares in the last quarter. Point72 Asset Management L.P. raised its position in shares of Okta by 236.8% in the fourth quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company's stock valued at $176,271,000 after buying an additional 1,572,786 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in shares of Okta by 2,135.7% in the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company's stock valued at $150,845,000 after buying an additional 1,828,630 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Okta Stock Performance

Shares of OKTA opened at $91.55 on Friday. 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 stock has a market capitalization of $16.03 billion, a P/E ratio of 145.32, a price-to-earnings-growth ratio of 4.53 and a beta of 0.80. The firm's fifty day simple moving average is $97.99 and its two-hundred day simple moving average is $102.54. Okta, Inc. has a 12 month low of $70.56 and a 12 month high of $127.57.

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

Insider Activity

In other news, CRO Jonathan James Addison sold 9,000 shares of the company's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $100.00, for a total transaction of $900,000.00. Following the transaction, the executive owned 7,067 shares in the company, valued at approximately $706,700. This represents a 56.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brett Tighe sold 10,000 shares of the company's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $95.00, for a total transaction of $950,000.00. Following the transaction, the chief financial officer owned 132,288 shares in the company, valued at $12,567,360. This represents a 7.03% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 88,594 shares of company stock valued at $8,382,790. Corporate insiders own 5.68% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Arete assumed coverage on shares of Okta in a research report on Monday, July 7th. They issued a "sell" rating and a $83.00 price target for the company. Wall Street Zen raised shares of Okta from a "hold" rating to a "buy" rating in a research note on Sunday, August 3rd. Stifel Nicolaus lifted their price objective on shares of Okta from $120.00 to $130.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. DA Davidson decreased their price objective on shares of Okta from $145.00 to $140.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Finally, Barclays decreased their price objective on shares of Okta from $135.00 to $120.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 28th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-one have issued a buy rating to the company's stock. According to data from MarketBeat.com, Okta has an average rating of "Hold" and an average price target of $118.61.

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.

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