Greenwood Capital Associates LLC Raises Stock Position in Okta, Inc. (NASDAQ:OKTA)

Greenwood Capital Associates LLC lifted its holdings in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 165.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,048 shares of the company's stock after purchasing an additional 4,395 shares during the period. Greenwood Capital Associates LLC's holdings in Okta were worth $742,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the business. Marshall Wace LLP raised its holdings in Okta by 35.5% during the 4th quarter. Marshall Wace LLP now owns 3,583,937 shares of the company's stock worth $282,414,000 after purchasing an additional 938,509 shares during the last quarter. Norges Bank acquired a new stake in shares of Okta during the fourth quarter worth $234,992,000. Geode Capital Management LLC raised its stake in Okta by 5.3% during the fourth quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company's stock worth $212,385,000 after buying an additional 135,110 shares during the last quarter. Point72 Asset Management L.P. lifted its holdings in 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. boosted its position in Okta by 2,135.7% during the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company's stock valued at $150,845,000 after acquiring an additional 1,828,630 shares during the last quarter. Institutional investors own 86.64% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on OKTA. Evercore ISI increased their price target on Okta from $122.00 to $130.00 and gave the stock an "outperform" rating in a report on Wednesday, May 28th. JPMorgan Chase & Co. boosted their target price on shares of Okta from $120.00 to $140.00 and gave the company an "overweight" rating in a research report on Friday, May 23rd. Stifel Nicolaus raised their price target on shares of Okta from $120.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Oppenheimer lifted their price target on shares of Okta from $125.00 to $135.00 and gave the company an "outperform" rating in a research note on Tuesday, March 4th. Finally, Royal Bank of Canada cut their price objective on shares of Okta from $143.00 to $135.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 28th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, Okta currently has an average rating of "Moderate Buy" and an average price target of $121.59.

Okta Stock Performance

Shares of NASDAQ OKTA traded down $2.70 during mid-day trading on Friday, reaching $97.48. 2,236,031 shares of the company's stock were exchanged, compared to its average volume of 3,016,183. The firm has a 50-day moving average price of $109.13 and a two-hundred day moving average price of $98.55. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a market capitalization of $17.07 billion, a price-to-earnings ratio of -278.51, a price-to-earnings-growth ratio of 6.42 and a beta of 0.84. 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 posted its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.77 by $0.09. The business had revenue of $688.00 million during the quarter, compared to the consensus estimate of $680.14 million. Okta had a negative net margin of 1.54% and a positive return on equity of 0.47%. The firm's quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.65 earnings per share. Analysts predict that Okta, Inc. will post 0.42 EPS for the current year.

Insider Activity at Okta

In related news, CRO Jonathan James Addison sold 7,005 shares of the company's stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $101.19, for a total transaction of $708,835.95. Following the sale, the executive now directly owns 19,067 shares in the company, valued at approximately $1,929,389.73. This represents a 26.87% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Larissa Schwartz sold 11,552 shares of the firm's stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total transaction of $1,317,967.68. Following the completion of the transaction, the insider now directly owns 22,125 shares of the company's stock, valued at approximately $2,524,241.25. This trade represents a 34.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,452 shares of company stock worth $2,697,360. Insiders own 5.68% of the company's stock.

Okta 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.