XTX Topco Ltd Purchases 31,812 Shares of Okta, Inc. (NASDAQ:OKTA)

Key Points

• XTX Topco Ltd significantly increased its stake in Okta, Inc. by 765.4%, acquiring an additional 31,812 shares valued at approximately $3.8 million in the first quarter.
• Multiple institutional investors have made sizable purchases, with Massachusetts Financial Services Co. boosting its stake by 325.6%, now owning shares valued at approximately $389.3 million.
• Okta recently reported an earnings per share of $0.86, surpassing analysts' estimates and showing an 11.5% increase in revenue year-over-year.

XTX Topco Ltd raised its stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 765.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,968 shares of the company's stock after buying an additional 31,812 shares during the period. XTX Topco Ltd's holdings in Okta were worth $3,785,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Harvest Fund Management Co. Ltd raised its holdings in Okta by 125.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 10,611 shares of the company's stock valued at $1,116,000 after buying an additional 5,910 shares in the last quarter. Banque Cantonale Vaudoise bought a new position in shares of Okta in the first quarter worth about $461,000. GSA Capital Partners LLP increased its stake in shares of Okta by 101.7% in the first quarter. GSA Capital Partners LLP now owns 8,180 shares of the company's stock worth $861,000 after purchasing an additional 4,125 shares during the period. Federated Hermes Inc. increased its stake in shares of Okta by 14.4% in the first quarter. Federated Hermes Inc. now owns 115,957 shares of the company's stock worth $12,201,000 after purchasing an additional 14,613 shares during the period. Finally, AWM Capital LLC bought a new position in shares of Okta in the first quarter worth about $220,000. 86.64% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on OKTA. Morgan Stanley dropped their price objective on Okta from $125.00 to $123.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Arete Research upgraded Okta to a "strong sell" rating and set a $83.00 price objective on the stock in a research note on Monday, July 7th. The Goldman Sachs Group lifted their price objective on Okta from $123.00 to $137.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Mizuho dropped their price objective on Okta from $135.00 to $130.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 28th. Finally, DA Davidson dropped their price objective on Okta from $145.00 to $140.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Three equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $118.61.

Okta Trading Up 0.8%

NASDAQ:OKTA traded up $0.78 during trading hours on Wednesday, hitting $99.77. 3,090,009 shares of the stock were exchanged, compared to its average volume of 3,301,016. The company's 50 day moving average is $100.83 and its two-hundred day moving average is $102.07. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $127.57. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $17.47 billion, a P/E ratio of 158.37, a price-to-earnings-growth ratio of 4.79 and a beta of 0.82.

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

Insiders Place Their Bets

In other news, CEO Todd Mckinnon sold 31,592 shares of the stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $95.30, for a total transaction of $3,010,717.60. Following the completion of the transaction, the chief executive officer directly owned 20,682 shares in the company, valued at $1,970,994.60. This represents a 60.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jacques Frederic Kerrest sold 581 shares of the stock in a transaction dated Friday, June 20th. The stock was 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 of the company's stock, 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 88,594 shares of company stock worth $8,382,790 over the last 90 days. 5.68% of the stock is currently owned by corporate 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.