Massachusetts Financial Services Co. MA Grows Holdings in Okta, Inc. (NASDAQ:OKTA)

Massachusetts Financial Services Co. MA grew its stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 325.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,699,944 shares of the company's stock after purchasing an additional 2,830,582 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 2.13% of Okta worth $389,308,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wolff Wiese Magana LLC raised its holdings in Okta by 167.4% during the first quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock worth $26,000 after purchasing an additional 154 shares in the last quarter. Wayfinding Financial LLC acquired a new stake in Okta during the first quarter worth approximately $27,000. Rossby Financial LCC acquired a new stake in Okta during the first quarter worth approximately $31,000. Center for Financial Planning Inc. acquired a new stake in Okta during the first quarter worth approximately $47,000. Finally, TD Private Client Wealth LLC raised its holdings in Okta by 3,507.7% during the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company's stock worth $37,000 after purchasing an additional 456 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on OKTA. Royal Bank Of Canada cut their price objective on shares of Okta from $143.00 to $135.00 and set an "outperform" rating on the stock in a report on Wednesday, May 28th. Canaccord Genuity Group lifted their target price on shares of Okta from $100.00 to $115.00 and gave the company a "hold" rating in a report on Wednesday, May 28th. DA Davidson cut their target price on shares of Okta from $145.00 to $140.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. Stephens reaffirmed an "equal weight" rating and issued a $127.00 target price on shares of Okta in a report on Tuesday, May 27th. Finally, BTIG Research reaffirmed a "buy" rating on shares of Okta in a report on Thursday, May 22nd. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $119.44.

Okta Price Performance

Shares of Okta stock traded down $0.03 on Wednesday, hitting $91.07. The company's stock had a trading volume of 2,153,203 shares, compared to its average volume of 3,128,659. Okta, Inc. has a 52-week low of $70.56 and a 52-week high of $127.57. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.05. The firm has a fifty day moving average price of $106.17 and a 200-day moving average price of $101.04. The company has a market capitalization of $15.94 billion, a P/E ratio of 144.56, a price-to-earnings-growth ratio of 4.41 and a beta of 0.82.

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, 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 for the quarter, compared to analyst estimates of $680.14 million. During the same period in the previous year, the firm earned $0.65 EPS. The business's revenue for the quarter was up 11.5% compared to the same quarter last year. On average, equities research analysts expect that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Okta news, Director Jacques Frederic Kerrest sold 581 shares of the company's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $100.29, for a total value of $58,268.49. Following the transaction, the director directly owned 2,832 shares in the company, valued at approximately $284,021.28. This represents a 17.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Jonathan James Addison sold 3,000 shares of the company's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $91.81, for a total transaction of $275,430.00. Following the completion of the transaction, the executive owned 16,067 shares in the company, valued at approximately $1,475,111.27. This trade represents a 15.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,984 shares of company stock worth $2,051,460 in the last three months. Corporate insiders own 5.68% of the company's stock.

Okta Company 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.