Machina Capital S.A.S. Increases Stake in Okta, Inc. (NASDAQ:OKTA)

Key Points

• Machina Capital S.A.S. increased its holdings in Okta, Inc. by 63.1%, acquiring an additional 2,988 shares to bring its total to 7,727 shares valued at $813,000.
• Insider transactions revealed significant sales by executives, including Eric Robert Kelleher, who sold 16,018 shares for approximately $1.47 million, marking a 69.46% decrease in their ownership.
• Okta's stock price rose by 3.3% to $101.10, with an average price target of $118.61 and a consensus rating of "Hold" from analysts.

Machina Capital S.A.S. boosted its stake in Okta, Inc. (NASDAQ:OKTA - Free Report) by 63.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,727 shares of the company's stock after purchasing an additional 2,988 shares during the period. Machina Capital S.A.S.'s holdings in Okta were worth $813,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of OKTA. TD Private Client Wealth LLC raised its position in Okta by 3,507.7% in the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company's stock worth $37,000 after purchasing an additional 456 shares during the period. Prudential Financial Inc. raised its holdings in shares of Okta by 26.2% during the fourth quarter. Prudential Financial Inc. now owns 10,200 shares of the company's stock worth $751,000 after purchasing an additional 2,115 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its position in Okta by 1.9% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 73,621 shares of the company's stock valued at $5,801,000 after buying an additional 1,404 shares during the period. Korea Investment CORP grew its position in Okta by 2.5% during the fourth quarter. Korea Investment CORP now owns 160,216 shares of the company's stock valued at $12,625,000 after buying an additional 3,917 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Okta by 12.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 120,834 shares of the company's stock valued at $9,759,000 after purchasing an additional 13,279 shares during the period. Institutional investors own 86.64% of the company's stock.

Wall Street Analysts Forecast Growth

OKTA has been the topic of a number of recent research reports. Mizuho lowered their price target on shares of Okta from $135.00 to $130.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 28th. Arete Research raised shares of Okta to a "strong sell" rating and set a $83.00 target price on the stock in a research note on Monday, July 7th. UBS Group reduced their target price on shares of Okta from $150.00 to $130.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Scotiabank lifted their target price on shares of Okta from $109.00 to $115.00 and gave the stock a "sector perform" rating in a research note on Wednesday, May 28th. Finally, DA Davidson reduced their target price on shares of Okta from $145.00 to $140.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and twenty have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $118.61.

Okta Stock Performance

OKTA traded down $3.76 on Monday, reaching $97.34. The company had a trading volume of 1,633,622 shares, compared to its average volume of 3,618,287. The stock has a market capitalization of $17.04 billion, a PE ratio of 154.14, a P/E/G ratio of 4.89 and a beta of 0.82. The stock has a 50-day moving average price of $102.38 and a 200-day moving average price of $102.01. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.05. 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 results on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, topping analysts' consensus estimates of $0.77 by $0.09. The firm had revenue of $688.00 million during the quarter, compared to analysts' expectations of $680.14 million. Okta had a net margin of 4.85% and a return on equity of 2.79%. Okta's quarterly revenue 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. As a group, research analysts forecast that Okta, Inc. will post 0.42 EPS for the current fiscal year.

Insider Activity

In related news, Director Jacques Frederic Kerrest sold 581 shares of the 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 completion of the sale, the director owned 2,832 shares in the company, valued at $284,021.28. This represents a 17.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Eric Robert Kelleher sold 16,018 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $91.81, for a total transaction of $1,470,612.58. Following the sale, the insider owned 7,044 shares of the company's stock, valued at approximately $646,709.64. This represents a 69.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 79,594 shares of company stock worth $7,482,790 over the last 90 days. 5.68% of the stock is 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.