Menard Financial Group LLC Acquires New Position in Okta, Inc. (NASDAQ:OKTA)

Key Points

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Menard Financial Group LLC bought a new stake in Okta, Inc. (NASDAQ:OKTA - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,954 shares of the company's stock, valued at approximately $311,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA lifted its stake in shares of Okta by 325.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,699,944 shares of the company's stock valued at $389,308,000 after purchasing an additional 2,830,582 shares during the period. Marshall Wace LLP lifted its stake in shares of Okta by 35.5% in the 4th quarter. Marshall Wace LLP now owns 3,583,937 shares of the company's stock valued at $282,414,000 after purchasing an additional 938,509 shares during the period. Geode Capital Management LLC lifted its stake in shares of Okta by 5.3% in the 4th quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company's stock valued at $212,385,000 after purchasing an additional 135,110 shares during the period. Point72 Asset Management L.P. raised its stake in Okta by 236.8% during the fourth quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company's stock valued at $176,271,000 after buying an additional 1,572,786 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in Okta by 2,135.7% during the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company's stock valued at $150,845,000 after buying an additional 1,828,630 shares during the last quarter. Hedge funds and other institutional investors own 86.64% of the company's stock.

Insider Buying and Selling

In other news, insider Eric Robert Kelleher sold 16,018 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $91.81, for a total value of $1,470,612.58. Following the completion of the sale, the insider directly owned 7,044 shares of the company's stock, valued at approximately $646,709.64. This represents a 69.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Brett Tighe sold 10,000 shares of the business's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $95.00, for a total transaction of $950,000.00. Following the completion of the sale, the chief financial officer owned 132,288 shares in the company, valued at $12,567,360. The trade was a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 88,594 shares of company stock worth $8,382,790. Company insiders own 5.68% of the company's stock.

Okta Stock Down 2.7%

OKTA stock traded down $2.67 during mid-day trading on Friday, hitting $95.13. 2,889,125 shares of the company were exchanged, compared to its average volume of 3,433,287. The company has a market capitalization of $16.65 billion, a PE ratio of 151.00, a price-to-earnings-growth ratio of 4.73 and a beta of 0.80. 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, Inc. has a twelve month low of $70.56 and a twelve month high of $127.57. The firm has a fifty day simple moving average of $99.73 and a 200 day simple moving average of $102.25.

Okta (NASDAQ:OKTA - Get Free Report) last posted its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 EPS for the quarter, beating 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 analyst estimates of $680.14 million. During the same period in the previous year, the business posted $0.65 EPS. The company's quarterly revenue was up 11.5% on a year-over-year basis. On average, research analysts forecast that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on OKTA. BTIG Research reiterated a "buy" rating on shares of Okta in a research note on Thursday, May 22nd. Mizuho lowered their price objective on Okta from $135.00 to $130.00 and set an "outperform" rating for the company in a research note on Wednesday, May 28th. JPMorgan Chase & Co. lifted their price objective on Okta from $120.00 to $140.00 and gave the company an "overweight" rating in a research note on Friday, May 23rd. UBS Group lowered their price objective on Okta from $150.00 to $130.00 and set a "buy" rating for the company in a research note on Wednesday, May 28th. Finally, Loop Capital began coverage on Okta in a report on Monday, May 5th. They issued a "buy" rating and a $140.00 target price for the company. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $118.61.

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.