Ninety One UK Ltd Makes New Investment in Okta, Inc. (NASDAQ:OKTA)

Ninety One UK Ltd bought a new position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,804,935 shares of the company's stock, valued at approximately $189,915,000. Ninety One UK Ltd owned about 1.04% of Okta at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of OKTA. Marshall Wace LLP grew its position in shares of Okta by 35.5% in the fourth 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 last quarter. Norges Bank bought a new stake in shares of Okta in the fourth quarter valued at about $234,992,000. Geode Capital Management LLC lifted its stake in shares of Okta by 5.3% in the fourth quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company's stock valued at $212,385,000 after buying an additional 135,110 shares during the period. Point72 Asset Management L.P. lifted its stake in shares of Okta by 236.8% in 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 period. Finally, Ameriprise Financial Inc. lifted its stake in shares of Okta by 2,135.7% in 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 period. 86.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on OKTA shares. Morgan Stanley reduced their target price on shares of Okta from $125.00 to $123.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Scotiabank increased their target price 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. Mizuho reduced their target price on shares of Okta from $135.00 to $130.00 and set an "outperform" rating for the company in a research note on Wednesday, May 28th. The Goldman Sachs Group increased their target price on shares of Okta from $123.00 to $137.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Finally, Jefferies Financial Group restated a "hold" rating and set a $135.00 price target (up previously from $110.00) on shares of Okta in a research note on Friday, May 23rd. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty have assigned a buy rating to the company's stock. Based on data from MarketBeat, Okta presently has an average rating of "Hold" and a consensus price target of $119.44.

Okta Price Performance

OKTA opened at $97.40 on Tuesday. The company has a fifty day moving average price of $109.04 and a two-hundred day moving average price of $100.76. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.47 and a current ratio of 1.47. Okta, Inc. has a 52 week low of $70.56 and a 52 week high of $127.57. The firm has a market capitalization of $17.05 billion, a PE ratio of 154.61, a P/E/G ratio of 4.79 and a beta of 0.82.

Okta (NASDAQ:OKTA - Get Free Report) last announced its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share (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 company had revenue of $688.00 million during the quarter, compared to analyst estimates of $680.14 million. During the same quarter in the previous year, the business earned $0.65 EPS. The firm's revenue was up 11.5% on a year-over-year basis. As a group, analysts anticipate that Okta, Inc. will post 0.42 earnings per share for the current year.

Insider Activity

In other news, insider Larissa Schwartz sold 2,244 shares of the business's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $100.00, for a total value of $224,400.00. Following the completion of the transaction, the insider owned 23,640 shares of the company's stock, valued at $2,364,000. The trade was a 8.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Jonathan James Addison sold 7,005 shares of the company's stock in a transaction on Friday, April 11th. The stock was sold at an average price of $101.19, for a total transaction of $708,835.95. Following the completion of the transaction, the executive directly owned 19,067 shares of the company's stock, valued at approximately $1,929,389.73. The trade was a 26.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,935 shares of company stock valued at $1,100,347 in the last quarter. Company 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.

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