Migdal Insurance & Financial Holdings Ltd. Boosts Stock Position in Okta, Inc. (NASDAQ:OKTA)

Migdal Insurance & Financial Holdings Ltd. grew its stake in Okta, Inc. (NASDAQ:OKTA - Free Report) by 912.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 234,005 shares of the company's stock after acquiring an additional 210,881 shares during the quarter. Migdal Insurance & Financial Holdings Ltd. owned about 0.13% of Okta worth $24,622,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. PNC Financial Services Group Inc. increased its stake in Okta by 7.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,362 shares of the company's stock worth $501,000 after acquiring an additional 437 shares during the last quarter. Creative Financial Designs Inc. ADV lifted its holdings in shares of Okta by 23.9% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 2,111 shares of the company's stock worth $166,000 after purchasing an additional 407 shares during the last quarter. Parallel Advisors LLC lifted its holdings in shares of Okta by 37.6% in the 4th quarter. Parallel Advisors LLC now owns 4,670 shares of the company's stock worth $368,000 after purchasing an additional 1,275 shares during the last quarter. Xponance Inc. raised its stake in Okta by 11.3% during the 4th quarter. Xponance Inc. now owns 22,389 shares of the company's stock valued at $1,764,000 after acquiring an additional 2,271 shares in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd bought a new stake in Okta during the 4th quarter valued at $228,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Okta Trading Up 3.6%

Shares of Okta stock traded up $3.33 during trading hours on Friday, hitting $95.43. The company's stock had a trading volume of 4,358,661 shares, compared to its average volume of 3,142,466. Okta, Inc. has a 12 month low of $70.56 and a 12 month high of $127.57. The stock has a 50 day moving average of $105.12 and a 200 day moving average of $101.24. The company has a market capitalization of $16.71 billion, a PE ratio of 151.48, a price-to-earnings-growth ratio of 4.45 and a beta of 0.82. 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 (NASDAQ:OKTA - Get Free Report) last posted its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 earnings per share 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 company had revenue of $688.00 million during the quarter, compared to analysts' expectations of $680.14 million. During the same period in the prior 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 predict that Okta, Inc. will post 0.42 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Larissa Schwartz sold 2,244 shares of Okta stock in a transaction on Friday, June 20th. The stock was sold at an average price of $100.00, for a total value of $224,400.00. Following the transaction, the insider owned 23,640 shares in the company, valued at approximately $2,364,000. This trade represents a 8.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jacques Frederic Kerrest sold 581 shares of the firm's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $100.29, for a total value of $58,268.49. Following the sale, the director directly owned 2,832 shares in the company, valued at approximately $284,021.28. This trade represents a 17.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 38,002 shares of company stock worth $3,522,072 in the last quarter. Insiders own 5.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Arete assumed coverage on Okta in a report on Monday, July 7th. They issued a "sell" rating and a $83.00 target price on the stock. Guggenheim decreased their target price on Okta from $140.00 to $138.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. DA Davidson decreased their target price on Okta from $145.00 to $140.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. BTIG Research reissued a "buy" rating on shares of Okta in a research report on Thursday, May 22nd. Finally, Stifel Nicolaus raised their price objective on Okta from $120.00 to $130.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $119.44.

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.