Pallas Capital Advisors LLC Makes New $820,000 Investment in Okta, Inc. (NASDAQ:OKTA)

Pallas Capital Advisors LLC purchased a new position in Okta, Inc. (NASDAQ:OKTA - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 7,790 shares of the company's stock, valued at approximately $820,000.

Other institutional investors have also modified their holdings of the company. Marshall Wace LLP raised its stake in Okta by 35.5% during the fourth 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 period. Norges Bank purchased a new stake in shares of Okta during the fourth quarter valued at approximately $234,992,000. Geode Capital Management LLC lifted its holdings in Okta by 5.3% in the 4th 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 in the last quarter. Point72 Asset Management L.P. boosted 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 purchasing an additional 1,572,786 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in shares of Okta by 2,135.7% during the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company's stock valued at $150,845,000 after buying an additional 1,828,630 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company's stock.

Insider Activity at Okta

In related news, insider Larissa Schwartz sold 11,552 shares of the business's stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total value of $1,317,967.68. Following the sale, the insider now owns 22,125 shares of the company's stock, valued at $2,524,241.25. The trade was a 34.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Jonathan James Addison sold 7,005 shares of the firm's stock in a transaction that occurred on Friday, April 11th. The stock was 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 of the company's stock, valued at approximately $1,929,389.73. The trade was a 26.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,452 shares of company stock worth $2,697,360 in the last ninety days. 5.68% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts recently weighed in on the company. UBS Group lowered their price objective on Okta from $150.00 to $130.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. Guggenheim cut their price target on Okta from $140.00 to $138.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. Mizuho reduced their price objective on shares of Okta from $135.00 to $130.00 and set an "outperform" rating for the company in a report on Wednesday, May 28th. Scotiabank lifted their price target on Okta from $109.00 to $115.00 and gave the company a "sector perform" rating in a research report on Wednesday, May 28th. Finally, Roth Capital reiterated a "buy" rating and issued a $119.00 target price on shares of Okta in a 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 issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $121.59.

Okta Stock Down 2.7%

NASDAQ OKTA traded down $2.70 during trading on Friday, reaching $97.48. The company's stock had a trading volume of 2,236,031 shares, compared to its average volume of 3,022,269. The business has a 50-day moving average price of $109.25 and a 200-day moving average price of $98.84. Okta, Inc. has a 1-year low of $70.56 and a 1-year high of $127.57. The stock has a market capitalization of $17.07 billion, a PE ratio of -278.51, a PEG ratio of 6.42 and a beta of 0.84. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06.

Okta (NASDAQ:OKTA - Get Free Report) last issued its quarterly earnings data 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 positive return on equity of 0.47% and a negative net margin of 1.54%. The firm's revenue was up 11.5% compared to the same quarter last year. During the same period last year, the business earned $0.65 EPS. On average, research analysts forecast that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

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.