Mitsubishi UFJ Asset Management Co. Ltd. Acquires 14,058 Shares of Okta, Inc. (NASDAQ:OKTA)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Okta, Inc. by 11.6%, now holding 134,892 shares valued at approximately $14.19 million.
• Insider Eric Robert Kelleher sold 16,018 shares of Okta, representing a 69.46% decrease in his ownership, while insiders collectively sold 88,594 shares valued at $8.38 million over the last 90 days.
• The stock has an average rating of "Hold" from analysts, with varying price targets ranging from a low of $83.00 to a high of $140.00.

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 11.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 134,892 shares of the company's stock after buying an additional 14,058 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.08% of Okta worth $14,193,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Okta by 3.4% in the 1st quarter. Vanguard Group Inc. now owns 17,792,886 shares of the company's stock valued at $1,872,167,000 after purchasing an additional 582,956 shares during the period. Massachusetts Financial Services Co. MA raised its holdings 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 raised its holdings 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. Point72 Asset Management L.P. raised its holdings in shares of 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 purchasing an additional 1,572,786 shares during the period. Finally, Ameriprise Financial Inc. raised its holdings in shares of 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 purchasing an additional 1,828,630 shares during the period. 86.64% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. DA Davidson dropped 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. JPMorgan Chase & Co. upped their target price on shares of Okta from $120.00 to $140.00 and gave the company an "overweight" rating in a report on Friday, May 23rd. BTIG Research reaffirmed a "buy" rating on shares of Okta in a report on Thursday, May 22nd. Roth Capital reaffirmed a "buy" rating and issued a $119.00 target price on shares of Okta in a report on Wednesday, May 28th. Finally, Scotiabank upped their price target on shares of Okta from $109.00 to $115.00 and gave the company a "sector perform" rating in a research note on Wednesday, May 28th. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat, Okta has an average rating of "Hold" and an average price target of $118.61.

Insider Activity

In other news, CRO Jonathan James Addison sold 9,000 shares of the firm's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $100.00, for a total transaction of $900,000.00. Following the completion of the transaction, the executive owned 7,067 shares of the company's stock, valued at approximately $706,700. This trade represents a 56.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brett Tighe sold 10,000 shares of the firm's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $95.00, for a total transaction of $950,000.00. Following the transaction, the chief financial officer directly owned 132,288 shares of the company's stock, valued at $12,567,360. The trade was a 7.03% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 88,594 shares of company stock valued at $8,382,790. 5.68% of the stock is currently owned by company insiders.

Okta Price Performance

Shares of NASDAQ OKTA traded up $3.41 during trading hours on Friday, hitting $92.02. 2,103,909 shares of the stock were exchanged, compared to its average volume of 3,576,595. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.47 and a current ratio of 1.47. The company has a market cap of $16.11 billion, a PE ratio of 146.07, a price-to-earnings-growth ratio of 4.29 and a beta of 0.80. The company's fifty day simple moving average is $96.51 and its two-hundred day simple moving average is $102.53. Okta, Inc. has a 1-year low of $70.56 and a 1-year high of $127.57.

Okta (NASDAQ:OKTA - Get Free Report) last issued its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.77 by $0.09. The business had revenue of $688.00 million during the quarter, compared to the consensus estimate of $680.14 million. Okta had a net margin of 4.85% and a return on equity of 2.79%. The firm's revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.65 EPS. On average, sell-side analysts predict that Okta, Inc. will post 0.42 EPS for the current year.

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.