Jackson Square Partners LLC Sells 43,961 Shares of Okta, Inc. (NASDAQ:OKTA)

Key Points

• Jackson Square Partners LLC has reduced its stake in Okta, Inc. by 16.8%, now owning 218,237 shares valued at approximately $22.96 million.
• Multiple institutional investors have modified their holdings in Okta, including Wealth Enhancement Advisory Services, which increased its stake by 52.4%.
• In its latest earnings report, Okta exceeded expectations with $0.86 earnings per share and year-over-year revenue growth of 11.5%.

Jackson Square Partners LLC trimmed its holdings in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 16.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 218,237 shares of the company's stock after selling 43,961 shares during the period. Okta comprises 3.1% of Jackson Square Partners LLC's investment portfolio, making the stock its 6th largest position. Jackson Square Partners LLC owned 0.13% of Okta worth $22,963,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of OKTA. Wellington Management Group LLP lifted its position in shares of Okta by 68.8% during the fourth quarter. Wellington Management Group LLP now owns 34,042 shares of the company's stock worth $2,683,000 after purchasing an additional 13,869 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Okta by 32.1% during the fourth quarter. Alliancebernstein L.P. now owns 93,450 shares of the company's stock worth $7,364,000 after purchasing an additional 22,702 shares in the last quarter. Resona Asset Management Co. Ltd. acquired a new position in shares of Okta during the fourth quarter worth $3,629,000. Russell Investments Group Ltd. lifted its position in shares of Okta by 12.3% during the fourth quarter. Russell Investments Group Ltd. now owns 37,895 shares of the company's stock worth $2,987,000 after purchasing an additional 4,147 shares in the last quarter. Finally, Cerity Partners LLC increased its stake in shares of Okta by 22.6% in the fourth quarter. Cerity Partners LLC now owns 66,734 shares of the company's stock worth $5,250,000 after buying an additional 12,322 shares during the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Price Performance

OKTA stock traded down $2.03 during trading on Friday, hitting $91.55. The company had a trading volume of 2,430,222 shares, compared to its average volume of 3,429,555. The firm has a market capitalization of $16.03 billion, a price-to-earnings ratio of 145.32, a P/E/G ratio of 4.53 and a beta of 0.80. The business has a 50 day moving average of $97.99 and a 200 day moving average of $102.54. Okta, Inc. has a fifty-two week low of $70.56 and a fifty-two week high of $127.57. 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 (NASDAQ:OKTA - Get Free Report) last posted its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, topping 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 business had revenue of $688.00 million during the quarter, compared to the consensus estimate of $680.14 million. During the same quarter in the prior year, the company posted $0.65 earnings per share. The company's quarterly revenue was up 11.5% compared to the same quarter last year. As a group, research analysts predict that Okta, Inc. will post 0.42 earnings per share for the current year.

Wall Street Analysts Forecast Growth

OKTA has been the subject of a number of research analyst reports. Needham & Company LLC lifted their price target on shares of Okta from $115.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. JMP Securities restated a "market perform" rating on shares of Okta in a research note on Wednesday, May 28th. Stephens restated an "equal weight" rating and issued a $127.00 price target on shares of Okta in a research note on Tuesday, May 27th. Mizuho dropped their price target on shares of Okta from $135.00 to $130.00 and set an "outperform" rating for the company in a research note on Wednesday, May 28th. Finally, Arete Research upgraded shares of Okta to a "strong sell" rating and set a $83.00 price target for the company in a research note on Monday, July 7th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $118.61.

Insider Buying and Selling

In other Okta 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 value of $900,000.00. Following the completion of the sale, the executive directly owned 7,067 shares of the company's stock, valued at approximately $706,700. This represents a 56.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd Mckinnon sold 31,592 shares of the business's stock in a transaction dated 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. The trade was a 60.44% decrease in their position. The disclosure for this sale can be found here. Insiders sold 88,594 shares of company stock worth $8,382,790 in the last ninety days. Insiders own 5.68% of the company's stock.

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.