Invesco Ltd. Acquires 26,092 Shares of Okta, Inc. $OKTA

Key Points

• Invesco Ltd. increased its stake in Okta, Inc. by 8.8% during the first quarter, acquiring an additional 26,092 shares and bringing its total ownership to approximately 321,230 shares valued at $33.8 million.
• Several other institutional investors also increased their positions in Okta, with substantial changes in ownership, including the Canada Pension Plan Investment Board raising its stake by 358% in the fourth quarter.
• CEO Todd McKinnon sold 31,592 shares of Okta, representing a 60.44% decrease in his position, as the company continues to experience fluctuating stock performance following recent earnings reports.

Invesco Ltd. lifted its holdings in Okta, Inc. (NASDAQ:OKTA - Free Report) by 8.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 321,230 shares of the company's stock after buying an additional 26,092 shares during the quarter. Invesco Ltd. owned about 0.19% of Okta worth $33,800,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in OKTA. XTX Topco Ltd bought a new position in shares of Okta in the fourth quarter valued at about $327,000. Guggenheim Capital LLC raised its holdings in shares of Okta by 54.9% in the fourth quarter. Guggenheim Capital LLC now owns 9,217 shares of the company's stock valued at $726,000 after buying an additional 3,267 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in Okta by 358.0% during the 4th quarter. Canada Pension Plan Investment Board now owns 65,500 shares of the company's stock worth $5,161,000 after purchasing an additional 51,200 shares during the last quarter. GeoWealth Management LLC raised its holdings in Okta by 67.9% during the 4th quarter. GeoWealth Management LLC now owns 1,011 shares of the company's stock worth $80,000 after purchasing an additional 409 shares during the last quarter. Finally, Forum Financial Management LP bought a new stake in Okta during the 4th quarter worth about $333,000. 86.64% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Todd Mckinnon sold 31,592 shares of the stock in a transaction on Monday, July 21st. The stock was sold at an average price of $95.30, for a total value of $3,010,717.60. Following the sale, the chief executive officer owned 20,682 shares in the company, valued at approximately $1,970,994.60. This represents a 60.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jacques Frederic Kerrest sold 581 shares of the stock in a transaction on Friday, June 20th. The shares were sold at an average price of $100.29, for a total value of $58,268.49. Following the completion of the sale, the director owned 2,832 shares in the company, valued at approximately $284,021.28. This trade represents a 17.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 88,594 shares of company stock worth $8,382,790 in the last quarter. 5.68% of the stock is owned by company insiders.

Okta Trading Down 0.7%

NASDAQ OKTA opened at $91.38 on Tuesday. The company has a market cap of $16.00 billion, a PE ratio of 145.05, a PEG ratio of 4.45 and a beta of 0.80. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.05. Okta, Inc. has a 12 month low of $70.56 and a 12 month high of $127.57. The stock has a 50 day moving average of $96.32 and a 200-day moving average of $102.63.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 EPS for the quarter, beating the consensus estimate 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 return on equity of 2.79% and a net margin of 4.85%. The firm's revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.65 EPS. On average, equities research analysts anticipate that Okta, Inc. will post 0.42 EPS for the current fiscal year.

Analysts Set New Price Targets

OKTA has been the subject of several recent research reports. Mizuho dropped their price objective on Okta from $135.00 to $130.00 and set an "outperform" rating for the company in a report on Wednesday, May 28th. Canaccord Genuity Group boosted their price objective on Okta from $100.00 to $115.00 and gave the stock a "hold" rating in a report on Wednesday, May 28th. Stephens reissued an "equal weight" rating and set a $127.00 price objective on shares of Okta in a report on Tuesday, May 27th. Jefferies Financial Group dropped their price objective on Okta from $130.00 to $105.00 and set a "hold" rating for the company in a report on Thursday, July 24th. Finally, The Goldman Sachs Group boosted their price objective on Okta from $123.00 to $137.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $118.06.

About Okta

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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