Harvest Fund Management Co. Ltd Acquires 5,910 Shares of Okta, Inc. (NASDAQ:OKTA)

Key Points

• Harvest Fund Management Co. Ltd increased its holdings in Okta, Inc. by 125.7% during the first quarter, now owning 10,611 shares worth approximately $1.12 million.
• Institutional investors and hedge funds own 86.64% of Okta's stock, indicating significant interest from larger financial entities.
• Okta recently reported a quarterly earnings per share of $0.86, exceeding expectations and highlighting 11.5% year-over-year revenue growth.

Harvest Fund Management Co. Ltd raised its position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 125.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,611 shares of the company's stock after acquiring an additional 5,910 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Okta were worth $1,116,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of OKTA. Wealth Enhancement Advisory Services LLC boosted its position in shares of Okta by 52.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,126 shares of the company's stock worth $956,000 after purchasing an additional 4,171 shares in the last quarter. Trek Financial LLC bought a new position in shares of Okta during the 1st quarter worth about $426,000. Merit Financial Group LLC bought a new position in shares of Okta during the 1st quarter worth about $823,000. Stephens Investment Management Group LLC boosted its position in shares of Okta by 10.4% during the 1st quarter. Stephens Investment Management Group LLC now owns 499,125 shares of the company's stock worth $52,518,000 after purchasing an additional 46,818 shares in the last quarter. Finally, Greenwood Capital Associates LLC boosted its position in shares of Okta by 165.7% during the 1st quarter. Greenwood Capital Associates LLC now owns 7,048 shares of the company's stock worth $742,000 after purchasing an additional 4,395 shares in the last quarter. Institutional investors own 86.64% of the company's stock.

Insider Buying and Selling

In related news, insider Larissa Schwartz sold 2,244 shares of Okta stock in a transaction on Friday, June 20th. The shares were sold at an average price of $100.00, for a total value of $224,400.00. Following the transaction, the insider owned 23,640 shares in the company, valued at $2,364,000. This trade represents a 8.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brett Tighe sold 10,000 shares of the business'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 completion of the transaction, the chief financial officer owned 132,288 shares in the company, valued at $12,567,360. The trade was a 7.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 88,594 shares of company stock worth $8,382,790 over the last 90 days. Insiders own 5.68% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on OKTA. Roth Capital reissued a "buy" rating and set a $119.00 price objective on shares of Okta in a research report on Wednesday, May 28th. Mizuho dropped their price target on shares of Okta from $135.00 to $130.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 28th. Stephens reaffirmed an "equal weight" rating and issued a $127.00 price target on shares of Okta in a research report on Tuesday, May 27th. Canaccord Genuity Group increased their price objective on shares of Okta from $100.00 to $115.00 and gave the company a "hold" rating in a research note on Wednesday, May 28th. Finally, The Goldman Sachs Group increased their price objective on shares of Okta from $123.00 to $137.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and twenty have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $118.61.

Okta Price Performance

Shares of NASDAQ OKTA traded down $1.63 during mid-day trading on Friday, reaching $96.17. 621,227 shares of the company were exchanged, compared to its average volume of 3,631,558. Okta, Inc. has a 52 week low of $70.56 and a 52 week high of $127.57. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $16.84 billion, a PE ratio of 152.27, a PEG ratio of 4.83 and a beta of 0.82. The company's 50 day moving average price is $100.31 and its 200 day moving average price is $102.17.

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

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.