Pacer Advisors Inc. Buys 93,179 Shares of Okta, Inc. (NASDAQ:OKTA)

Key Points

• Pacer Advisors Inc. increased its holdings in Okta, Inc. by 320.2% during the first quarter, acquiring a total of 122,282 shares valued at approximately $12.87 million.
• Several institutional investors also raised their stakes in Okta, with Massachusetts Financial Services increasing their holdings by 325.6% and owning over 3.69 million shares valued at $389.31 million.
• Okta's stock has experienced a price range between a one-year low of $70.56 and a high of $127.57, with the current trading price around $101.10.

Pacer Advisors Inc. lifted its stake in Okta, Inc. (NASDAQ:OKTA - Free Report) by 320.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 122,282 shares of the company's stock after acquiring an additional 93,179 shares during the period. Pacer Advisors Inc. owned approximately 0.07% of Okta worth $12,867,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Wolff Wiese Magana LLC boosted its position in shares of Okta by 167.4% in the first quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock valued at $26,000 after acquiring an additional 154 shares during the period. Wayfinding Financial LLC purchased a new stake in Okta in the 1st quarter worth approximately $27,000. Rossby Financial LCC bought a new position in Okta in the 1st quarter valued at $31,000. Center for Financial Planning Inc. purchased a new position in shares of Okta during the 1st quarter valued at $47,000. Finally, CX Institutional bought a new position in shares of Okta in the first quarter worth $52,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Okta Stock Up 2.3%

Okta stock traded up $2.27 during trading hours on Tuesday, hitting $100.11. The stock had a trading volume of 5,304,689 shares, compared to its average volume of 3,646,651. The stock's 50-day moving average price is $101.80 and its 200-day moving average price is $102.11. The stock has a market capitalization of $17.53 billion, a P/E ratio of 159.25, a price-to-earnings-growth ratio of 4.89 and a beta of 0.82. Okta, Inc. has a 12-month low of $70.56 and a 12-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.

Okta (NASDAQ:OKTA - Get Free Report) last announced its quarterly earnings data 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. 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 period in the previous year, the business earned $0.65 EPS. The firm's revenue for the quarter was up 11.5% on a year-over-year basis. Equities research analysts anticipate that Okta, Inc. will post 0.42 EPS for the current fiscal year.

Wall Street Analyst Weigh In

OKTA has been the subject of several research analyst reports. Wells Fargo & Company lifted their price objective on Okta from $100.00 to $110.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 28th. Stephens reissued an "equal weight" rating and set a $127.00 price objective on shares of Okta in a report on Tuesday, May 27th. JMP Securities reaffirmed a "market perform" rating on shares of Okta in a research note on Wednesday, May 28th. Scotiabank boosted their price target 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, Mizuho decreased their price target on shares of Okta from $135.00 to $130.00 and set an "outperform" rating on the stock in a report on Wednesday, May 28th. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $118.61.

Insider Activity at Okta

In other Okta 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 transaction of $224,400.00. Following the completion of the sale, the insider directly owned 23,640 shares in the company, valued at approximately $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 accessible through this hyperlink. Also, CRO Jonathan James Addison sold 6,027 shares of the company's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $92.01, for a total value of $554,544.27. Following the sale, the executive owned 19,067 shares of the company's stock, valued at approximately $1,754,354.67. This trade represents a 24.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 79,594 shares of company stock valued at $7,482,790 over the last quarter. 5.68% of the stock is owned by company insiders.

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.