Ninety One SA PTY Ltd Invests $3.28 Million in Okta, Inc. (NASDAQ:OKTA)

Ninety One SA PTY Ltd purchased a new stake in Okta, Inc. (NASDAQ:OKTA - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 31,163 shares of the company's stock, valued at approximately $3,275,000.

A number of other hedge funds also recently bought and sold shares of OKTA. Ninety One UK Ltd acquired a new stake in shares of Okta during the 1st quarter worth about $189,915,000. Raleigh Capital Management Inc. raised its position in shares of Okta by 4,516.0% during the 1st quarter. Raleigh Capital Management Inc. now owns 1,154 shares of the company's stock worth $121,000 after acquiring an additional 1,129 shares in the last quarter. TD Private Client Wealth LLC raised its position in shares of Okta by 19.6% during the 1st quarter. TD Private Client Wealth LLC now owns 561 shares of the company's stock worth $59,000 after acquiring an additional 92 shares in the last quarter. Capital Advisors Inc. OK acquired a new stake in shares of Okta during the 1st quarter worth about $260,000. Finally, Envestnet Asset Management Inc. raised its position in shares of Okta by 68.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 96,217 shares of the company's stock worth $10,124,000 after acquiring an additional 39,189 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. DA Davidson cut their price target on Okta from $145.00 to $140.00 and set a "buy" rating on the stock in a research report on Wednesday, May 28th. Needham & Company LLC lifted their target price on Okta from $115.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. JPMorgan Chase & Co. lifted their target price on Okta from $120.00 to $140.00 and gave the company an "overweight" rating in a research note on Friday, May 23rd. The Goldman Sachs Group lifted their target price on Okta from $123.00 to $137.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Finally, UBS Group lowered their target price on Okta from $150.00 to $130.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $119.44.

Okta Price Performance

Shares of NASDAQ OKTA traded down $4.10 during trading on Thursday, reaching $95.05. The company had a trading volume of 2,996,886 shares, compared to its average volume of 3,095,904. The stock has a market capitalization of $16.64 billion, a PE ratio of 151.00, a price-to-earnings-growth ratio of 4.72 and a beta of 0.82. The stock has a 50-day moving average price of $108.48 and a two-hundred day moving average price of $100.73. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $127.57. 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 (NASDAQ:OKTA - Get Free Report) last released its 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. The firm had revenue of $688.00 million during the quarter, compared to analyst estimates of $680.14 million. Okta had a return on equity of 2.79% and a net margin of 4.85%. The business's quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.65 earnings per share. As a group, sell-side analysts predict that Okta, Inc. will post 0.42 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Larissa Schwartz sold 2,244 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $100.00, for a total transaction of $224,400.00. Following the sale, the insider directly owned 23,640 shares in the company, valued at approximately $2,364,000. This represents a 8.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jacques Frederic Kerrest sold 581 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the director owned 2,832 shares in the company, valued at approximately $284,021.28. This represents a 17.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,935 shares of company stock valued at $1,100,347 in the last quarter. Insiders own 5.68% of the company's stock.

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.