Kentucky Retirement Systems Invests $1.16 Million in Okta, Inc. (NASDAQ:OKTA)

Kentucky Retirement Systems bought a new stake in Okta, Inc. (NASDAQ:OKTA - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 11,050 shares of the company's stock, valued at approximately $1,163,000.

Several other large investors have also recently added to or reduced their stakes in OKTA. Norges Bank acquired a new stake in Okta in the 4th quarter valued at approximately $234,992,000. Ameriprise Financial Inc. increased its position in Okta by 2,135.7% in the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company's stock valued at $150,845,000 after acquiring an additional 1,828,630 shares during the period. Alyeska Investment Group L.P. increased its position in Okta by 2,309.4% in the 4th quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company's stock valued at $139,693,000 after acquiring an additional 1,699,176 shares during the period. Point72 Asset Management L.P. increased its position in Okta by 236.8% in the 4th quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company's stock valued at $176,271,000 after acquiring an additional 1,572,786 shares during the period. Finally, Sachem Head Capital Management LP acquired a new stake in Okta in the 4th quarter valued at approximately $105,592,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Larissa Schwartz sold 2,244 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the insider now owns 23,640 shares in the company, valued at $2,364,000. The trade was a 8.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CRO Jonathan James Addison sold 7,005 shares of the company's stock in a transaction 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 owns 19,067 shares of the company's stock, valued at $1,929,389.73. The trade was a 26.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,935 shares of company stock worth $1,100,347 in the last quarter. Insiders own 5.68% of the company's stock.

Wall Street Analyst Weigh In

OKTA has been the topic of several analyst reports. Susquehanna raised their target price on Okta from $95.00 to $105.00 and gave the company a "neutral" rating in a research report on Tuesday, March 4th. Guggenheim decreased their price target on Okta from $140.00 to $138.00 and set a "buy" rating for the company in a research note on Wednesday, May 28th. Roth Capital reaffirmed a "buy" rating and set a $119.00 price target on shares of Okta in a research note on Wednesday, May 28th. Stephens reaffirmed an "equal weight" rating and set a $127.00 price target on shares of Okta in a research note on Tuesday, May 27th. Finally, Needham & Company LLC increased their price target on Okta from $115.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. One investment 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's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $121.59.

Okta Stock Up 0.3%

Shares of Okta stock traded up $0.30 during midday trading on Friday, hitting $98.43. The company's stock had a trading volume of 3,468,742 shares, compared to its average volume of 3,070,410. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.05. Okta, Inc. has a 1-year low of $70.56 and a 1-year high of $127.57. The stock has a 50-day simple moving average of $109.10 and a 200-day simple moving average of $99.99. The firm has a market capitalization of $17.23 billion, a P/E ratio of 156.24, a PEG ratio of 4.76 and a beta of 0.84.

Okta (NASDAQ:OKTA - Get Free Report) last posted its earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, beating 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 company had revenue of $688.00 million for the quarter, compared to analyst estimates of $680.14 million. During the same period last year, the company earned $0.65 earnings per share. The business's revenue was up 11.5% compared to the same quarter last year. As a group, sell-side analysts expect that Okta, Inc. will post 0.42 earnings per share for the current 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.