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

Pallas Capital Advisors LLC purchased a new stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 7,790 shares of the company's stock, valued at approximately $820,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in Okta in the 4th quarter valued at approximately $234,992,000. Ameriprise Financial Inc. grew its stake in Okta by 2,135.7% in 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 in the last quarter. Alyeska Investment Group L.P. grew its stake in Okta by 2,309.4% in the 4th quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company's stock valued at $139,693,000 after buying an additional 1,699,176 shares in the last quarter. Point72 Asset Management L.P. grew its stake in Okta by 236.8% in the 4th 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 in the last quarter. Finally, Sachem Head Capital Management LP purchased a new position in Okta in the 4th quarter valued at approximately $105,592,000. 86.64% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Okta news, CRO Jonathan James Addison sold 7,005 shares of the business's stock in a transaction 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 transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eric Robert Kelleher sold 5,895 shares of the company's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $113.75, for a total transaction of $670,556.25. Following the completion of the transaction, the insider now owns 9,828 shares in the company, valued at approximately $1,117,935. The trade was a 37.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,452 shares of company stock valued at $2,697,360 over the last three months. 5.68% of the stock is owned by company insiders.

Okta Trading Down 0.3%

Shares of NASDAQ OKTA traded down $0.26 during mid-day trading on Thursday, hitting $100.18. The stock had a trading volume of 2,601,131 shares, compared to its average volume of 3,012,278. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $127.57. The business has a 50 day moving average price of $109.13 and a two-hundred day moving average price of $98.55. The firm has a market cap of $17.54 billion, a P/E ratio of -286.23, a price-to-earnings-growth ratio of 6.42 and a beta of 0.84.

Okta (NASDAQ:OKTA - Get Free Report) last issued its earnings results on Tuesday, May 27th. The company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.77 by $0.09. Okta had a negative net margin of 1.54% and a positive return on equity of 0.47%. The company had revenue of $688.00 million for the quarter, compared to the consensus estimate of $680.14 million. During the same period in the previous year, the firm earned $0.65 earnings per share. The firm's revenue for the quarter was up 11.5% on a year-over-year basis. On average, equities analysts anticipate that Okta, Inc. will post 0.42 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on OKTA. Evercore ISI lifted their price objective on shares of Okta from $122.00 to $130.00 and gave the company an "outperform" rating in a research note on Wednesday, May 28th. Stephens restated an "equal weight" rating and issued a $127.00 price objective on shares of Okta in a research report on Tuesday, May 27th. Guggenheim cut their price objective on shares of Okta from $140.00 to $138.00 and set a "buy" rating for the company in a research report on Wednesday, May 28th. BMO Capital Markets set a $132.00 price objective on shares of Okta and gave the company a "market perform" rating in a research report on Wednesday, May 28th. Finally, Canaccord Genuity Group raised their price objective on shares of Okta from $100.00 to $115.00 and gave the company a "hold" rating in a research report on Wednesday, May 28th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and twenty have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $121.59.

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.