GAMMA Investing LLC Raises Stock Holdings in Okta, Inc. (NASDAQ:OKTA)

GAMMA Investing LLC raised its position in Okta, Inc. (NASDAQ:OKTA - Free Report) by 37,287.3% during the first quarter, according to its most recent filing with the SEC. The firm owned 126,369 shares of the company's stock after purchasing an additional 126,031 shares during the period. GAMMA Investing LLC owned 0.07% of Okta worth $13,297,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of Jackson Hole Trust bought a new position in Okta during the fourth quarter worth $25,000. TD Private Client Wealth LLC boosted its stake in Okta by 3,507.7% during the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company's stock worth $37,000 after acquiring an additional 456 shares in the last quarter. University of Texas Texas AM Investment Management Co. bought a new position in Okta during the fourth quarter worth $40,000. Brown Brothers Harriman & Co. acquired a new position in Okta during the fourth quarter worth $43,000. Finally, Wingate Wealth Advisors Inc. acquired a new position in Okta during the fourth quarter worth $44,000. Institutional investors and hedge funds own 86.64% of the company's stock.

Insider Activity

In other Okta news, insider Eric Robert Kelleher sold 5,895 shares of the company's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $113.75, for a total transaction of $670,556.25. Following the completion of the sale, the insider now directly owns 9,828 shares in the company, valued at $1,117,935. This represents a 37.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CRO Jonathan James Addison sold 7,005 shares of the company's stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $101.19, for a total value of $708,835.95. Following the sale, the executive now owns 19,067 shares of the company's stock, valued at $1,929,389.73. This represents a 26.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,452 shares of company stock worth $2,697,360 over the last three months. 5.68% of the stock is currently owned by corporate insiders.

Okta Price Performance

Shares of Okta stock traded up $0.90 during trading on Friday, reaching $105.08. The company's stock had a trading volume of 2,473,970 shares, compared to its average volume of 2,970,373. The business has a 50 day moving average price of $108.86 and a 200-day moving average price of $97.85. The company has a market capitalization of $18.40 billion, a P/E ratio of -300.23, a price-to-earnings-growth ratio of 6.42 and a beta of 0.84. 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.

Okta (NASDAQ:OKTA - Get Free Report) last issued its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.09. Okta had a positive return on equity of 0.47% and a negative net margin of 1.54%. The firm had revenue of $688.00 million during the quarter, compared to analysts' expectations of $680.14 million. During the same period in the previous year, the firm posted $0.65 earnings per share. Okta's revenue was up 11.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Okta, Inc. will post 0.42 EPS for the current year.

Analyst Ratings Changes

OKTA has been the topic of several research reports. UBS Group lowered their price objective on shares of Okta from $150.00 to $130.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. Citigroup upped their price objective on shares of Okta from $100.00 to $110.00 and gave the stock a "neutral" rating in a report on Tuesday, March 4th. Roth Capital restated a "buy" rating and set a $119.00 price objective on shares of Okta in a report on Wednesday, May 28th. Scotiabank upped their price objective on shares of Okta from $109.00 to $115.00 and gave the stock a "sector perform" rating in a report on Wednesday, May 28th. Finally, Oppenheimer increased their target price on shares of Okta from $125.00 to $135.00 and gave the company an "outperform" rating in a report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $121.59.

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.