Ninety One UK Ltd Makes New $189.92 Million Investment in Okta, Inc. (NASDAQ:OKTA)

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

A number of other hedge funds have also made changes to their positions in OKTA. Smartleaf Asset Management LLC increased its stake in shares of Okta by 40.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 732 shares of the company's stock valued at $58,000 after acquiring an additional 210 shares during the period. Jones Financial Companies Lllp increased its stake in shares of Okta by 114.3% during the fourth quarter. Jones Financial Companies Lllp now owns 1,847 shares of the company's stock valued at $146,000 after acquiring an additional 985 shares during the period. Steward Partners Investment Advisory LLC increased its stake in shares of Okta by 14.5% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,834 shares of the company's stock valued at $145,000 after acquiring an additional 232 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Okta by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company's stock valued at $87,903,000 after acquiring an additional 46,064 shares during the period. Finally, Atria Investments Inc bought a new stake in Okta during the fourth quarter worth approximately $352,000. Institutional investors and hedge funds own 86.64% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on OKTA. JPMorgan Chase & Co. raised their target price on shares of Okta from $120.00 to $140.00 and gave the stock an "overweight" rating in a report on Friday, May 23rd. The Goldman Sachs Group raised their target price on shares of Okta from $123.00 to $137.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. JMP Securities restated a "market perform" rating on shares of Okta in a report on Wednesday, May 28th. Scotiabank raised their target price on shares of Okta from $109.00 to $115.00 and gave the stock a "sector perform" rating in a report on Wednesday, May 28th. Finally, Wells Fargo & Company raised their target price on shares of Okta from $100.00 to $110.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 28th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $119.44.

Okta Stock Down 3.0%

Shares of Okta stock traded down $2.85 during midday trading on Friday, reaching $91.56. 3,065,153 shares of the company's stock traded hands, compared to its average volume of 3,114,471. The company has a market cap of $16.03 billion, a price-to-earnings ratio of 145.34, a price-to-earnings-growth ratio of 4.57 and a beta of 0.82. The company's 50 day simple moving average is $107.71 and its 200 day simple moving average is $100.86. 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.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, beating analysts' consensus estimates of $0.77 by $0.09. The business had revenue of $688.00 million for 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%. Okta's revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.65 EPS. Equities analysts expect that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, 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 transaction of $58,268.49. Following the transaction, the director owned 2,832 shares in the company, valued at approximately $284,021.28. This trade represents a 17.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Larissa Schwartz sold 2,244 shares of the business's stock in a transaction 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 transaction, the insider directly owned 23,640 shares of the company's stock, valued at approximately $2,364,000. This represents a 8.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,930 shares of company stock worth $391,511 in the last 90 days. 5.68% of the stock is owned by insiders.

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.