Fluent Financial LLC Invests $1.29 Million in Okta, Inc. (NASDAQ:OKTA)

Fluent Financial LLC acquired a new stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,329 shares of the company's stock, valued at approximately $1,287,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Frank Rimerman Advisors LLC lifted its position in shares of Okta by 2.4% during the fourth quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company's stock worth $352,000 after acquiring an additional 105 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Okta by 1.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 7,873 shares of the company's stock valued at $620,000 after purchasing an additional 136 shares during the period. Stephens Inc. AR lifted its holdings in Okta by 5.0% during the 4th quarter. Stephens Inc. AR now owns 3,296 shares of the company's stock worth $260,000 after purchasing an additional 157 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its stake in Okta by 3.1% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 5,646 shares of the company's stock worth $445,000 after purchasing an additional 171 shares during the period. Finally, Great Lakes Advisors LLC boosted its stake in Okta by 2.7% in the 4th quarter. Great Lakes Advisors LLC now owns 7,070 shares of the company's stock worth $557,000 after purchasing an additional 184 shares during the period. Institutional investors own 86.64% of the company's stock.

Okta Stock Up 1.3%

Shares of OKTA stock traded up $1.41 during trading hours on Thursday, hitting $106.63. 9,719,647 shares of the company's stock traded hands, compared to its average volume of 2,955,132. Okta, Inc. has a 12-month low of $70.56 and a 12-month high of $127.57. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The stock has a market cap of $18.51 billion, a price-to-earnings ratio of -304.66, a PEG ratio of 6.42 and a beta of 0.96. The stock's fifty day simple moving average is $109.73 and its two-hundred day simple moving average is $96.48.

Okta (NASDAQ:OKTA - Get Free Report) last posted its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 EPS for the quarter, beating analysts' consensus estimates of $0.77 by $0.09. Okta had a negative net margin of 1.54% and a positive return on equity of 0.47%. The firm had revenue of $688.00 million for the quarter, compared to analysts' expectations of $680.14 million. During the same quarter in the prior year, the company posted $0.65 earnings per share. The business's revenue for the quarter was up 11.5% on a year-over-year basis. On average, analysts expect that Okta, Inc. will post 0.42 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on OKTA. Truist Financial increased their price target on shares of Okta from $92.00 to $100.00 and gave the stock a "hold" rating in a report on Tuesday, March 4th. Cantor Fitzgerald assumed coverage on shares of Okta in a report on Monday, March 31st. They issued an "overweight" rating and a $130.00 price target for the company. JMP Securities reaffirmed a "market perform" rating on shares of Okta in a report on Wednesday. Loop Capital assumed coverage on Okta in a research note on Monday, May 5th. They set a "buy" rating and a $140.00 price objective for the company. Finally, Royal Bank of Canada reduced their target price on Okta from $143.00 to $135.00 and set an "outperform" rating for the company in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $121.83.

Insiders Place Their Bets

In other news, Director Jacques Frederic Kerrest sold 130,000 shares of the business's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $105.00, for a total value of $13,650,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CRO Jonathan James Addison sold 7,005 shares of Okta stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $101.19, for a total value of $708,835.95. Following the completion of the transaction, the executive now owns 19,067 shares of the company's stock, valued at approximately $1,929,389.73. This trade represents a 26.87% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 154,452 shares of company stock worth $16,347,360. Company insiders own 5.68% of the company's stock.

Okta Company 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.