Kentucky Retirement Systems Insurance Trust Fund Purchases New Position in Okta, Inc. (NASDAQ:OKTA)

Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 4,707 shares of the company's stock, valued at approximately $495,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Kentucky Retirement Systems acquired a new stake in shares of Okta during the 1st quarter valued at about $1,163,000. Center for Financial Planning Inc. acquired a new position in shares of Okta during the first quarter worth approximately $47,000. Praxis Investment Management Inc. lifted its position in shares of Okta by 17.5% during the first quarter. Praxis Investment Management Inc. now owns 5,300 shares of the company's stock worth $558,000 after purchasing an additional 790 shares in the last quarter. Evanson Asset Management LLC raised its stake in shares of Okta by 90.2% during the first quarter. Evanson Asset Management LLC now owns 6,244 shares of the company's stock worth $657,000 after buying an additional 2,962 shares during the last quarter. Finally, Private Wealth Partners LLC bought a new stake in shares of Okta during the first quarter worth approximately $363,000. Institutional investors own 86.64% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on OKTA shares. Citigroup upped their target price on shares of Okta from $100.00 to $110.00 and gave the company a "neutral" rating in a research note on Tuesday, March 4th. Truist Financial increased their price objective on shares of Okta from $92.00 to $100.00 and gave the stock a "hold" rating in a research report on Tuesday, March 4th. Royal Bank Of Canada reduced their target price on shares of Okta from $143.00 to $135.00 and set an "outperform" rating for the company in a report on Wednesday, May 28th. Cantor Fitzgerald assumed coverage on shares of Okta in a research note on Monday, March 31st. They issued an "overweight" rating and a $130.00 price target for the company. Finally, BTIG Research reiterated a "buy" rating on shares of Okta in a research note on Thursday, May 22nd. 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 stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $121.59.

Okta Stock Performance

NASDAQ:OKTA traded up $0.30 during mid-day trading on Friday, reaching $98.43. 3,468,742 shares of the company's stock were exchanged, compared to its average volume of 3,070,410. Okta, Inc. has a one year low of $70.56 and a one year high of $127.57. The firm has a market capitalization of $17.23 billion, a PE ratio of 156.24, a price-to-earnings-growth ratio of 4.76 and a beta of 0.84. The business's fifty day simple moving average is $109.10 and its two-hundred day simple moving average is $99.99. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.47 and a current ratio of 1.47.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $680.14 million. During the same period last year, the firm earned $0.65 earnings per share. Okta's revenue for the quarter was up 11.5% compared to the same quarter last year. Analysts anticipate that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Okta

In related news, insider Larissa Schwartz sold 1,105 shares of Okta stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $98.50, for a total transaction of $108,842.50. Following the sale, the insider now directly owns 25,884 shares of the company's stock, valued at approximately $2,549,574. The trade was a 4.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Jonathan James Addison sold 7,005 shares of Okta stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $101.19, for a total transaction of $708,835.95. Following the sale, the executive now directly owns 19,067 shares in the company, 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 have sold a total of 10,935 shares of company stock valued at $1,100,347 in the last ninety days. 5.68% of the stock is currently owned by company insiders.

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.