Janney Montgomery Scott LLC Acquires 8,166 Shares of Okta, Inc. (NASDAQ:OKTA)

Janney Montgomery Scott LLC boosted its stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 119.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,021 shares of the company's stock after acquiring an additional 8,166 shares during the quarter. Janney Montgomery Scott LLC's holdings in Okta were worth $1,581,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in OKTA. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Okta by 220.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 38,917 shares of the company's stock worth $4,095,000 after buying an additional 26,791 shares during the last quarter. Stanley Laman Group Ltd. boosted its position in shares of Okta by 63.5% during the first quarter. Stanley Laman Group Ltd. now owns 95,004 shares of the company's stock valued at $9,996,000 after buying an additional 36,909 shares during the period. Greenwood Capital Associates LLC boosted its holdings in shares of Okta by 165.7% in the first quarter. Greenwood Capital Associates LLC now owns 7,048 shares of the company's stock valued at $742,000 after purchasing an additional 4,395 shares during the period. GPS Wealth Strategies Group LLC raised its stake in Okta by 7.2% in the first quarter. GPS Wealth Strategies Group LLC now owns 1,484 shares of the company's stock worth $156,000 after buying an additional 100 shares in the last quarter. Finally, Simon Quick Advisors LLC acquired a new position in shares of Okta during the first quarter worth $524,000. Institutional investors own 86.64% of the company's stock.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $98.43 on Friday. The business's 50 day simple moving average is $109.10 and its 200-day simple moving average is $99.89. The firm has a market capitalization of $17.23 billion, a price-to-earnings ratio of 156.24, a price-to-earnings-growth ratio of 4.75 and a beta of 0.84. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.47 and a quick ratio of 1.47. Okta, Inc. has a 12 month low of $70.56 and a 12 month high of $127.57.

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

Analysts Set New Price Targets

Several research firms have recently issued reports on OKTA. Truist Financial increased their target price on shares of Okta from $92.00 to $100.00 and gave the stock a "hold" rating in a research note on Tuesday, March 4th. Stifel Nicolaus increased their target price on Okta from $120.00 to $130.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. DA Davidson reduced their target price on Okta from $145.00 to $140.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. Robert W. Baird increased their target price on Okta from $115.00 to $130.00 and gave the company an "outperform" rating in a report on Tuesday, March 4th. Finally, Scotiabank increased their target price on Okta from $109.00 to $115.00 and gave the company a "sector perform" rating in a report on Wednesday, May 28th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $121.59.

Insider Buying and Selling

In other Okta news, Director Jacques Frederic Kerrest sold 581 shares of the business's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $100.29, for a total value of $58,268.49. Following the completion of the transaction, the director now directly owns 2,832 shares in the company, valued at approximately $284,021.28. The trade was a 17.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CRO Jonathan James Addison sold 7,005 shares of the business's stock in a transaction on Friday, April 11th. The shares were 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 $1,929,389.73. This trade represents a 26.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,935 shares of company stock worth $1,100,347 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.

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