Private Wealth Partners LLC Acquires New Position in Okta, Inc. (NASDAQ:OKTA)

Private Wealth Partners LLC acquired a new position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 3,450 shares of the company's stock, valued at approximately $363,000.

A number of other institutional investors also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its stake in shares of Okta by 52.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,126 shares of the company's stock valued at $956,000 after buying an additional 4,171 shares during the period. Merit Financial Group LLC acquired a new position in Okta in the first quarter valued at approximately $823,000. SBI Securities Co. Ltd. acquired a new position in Okta in the fourth quarter valued at approximately $1,686,000. Greenwood Capital Associates LLC increased its stake in Okta by 165.7% during the first quarter. Greenwood Capital Associates LLC now owns 7,048 shares of the company's stock worth $742,000 after acquiring an additional 4,395 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Okta by 37,287.3% in the first quarter. GAMMA Investing LLC now owns 126,369 shares of the company's stock valued at $13,297,000 after purchasing an additional 126,031 shares during the period. 86.64% of the stock is owned by hedge funds and other institutional investors.

Okta Stock Performance

NASDAQ OKTA opened at $99.00 on Friday. The stock has a market capitalization of $17.33 billion, a price-to-earnings ratio of 157.15, a PEG ratio of 4.79 and a beta of 0.84. The business's 50 day moving average is $109.24 and its two-hundred day moving average is $99.27. Okta, Inc. has a 12-month low of $70.56 and a 12-month high of $127.57. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.05.

Okta (NASDAQ:OKTA - Get Free Report) last posted its quarterly earnings results 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 firm had revenue of $688.00 million for the quarter, compared to the consensus estimate of $680.14 million. Okta had a return on equity of 2.79% and a net margin of 4.85%. The company's revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.65 earnings per share. Research analysts expect that Okta, Inc. will post 0.42 EPS for the current year.

Insider Activity

In related news, 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 value of $708,835.95. Following the completion of the transaction, the executive now directly owns 19,067 shares of the company's stock, valued at $1,929,389.73. This trade represents a 26.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 5.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on OKTA shares. Oppenheimer raised their price objective on Okta from $125.00 to $135.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. Susquehanna lifted their target price on shares of Okta from $95.00 to $105.00 and gave the company a "neutral" rating in a report on Tuesday, March 4th. BTIG Research reissued a "buy" rating on shares of Okta in a research report on Thursday, May 22nd. Wells Fargo & Company raised their price target on Okta from $100.00 to $110.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 28th. Finally, Mizuho dropped their price objective on Okta from $135.00 to $130.00 and set an "outperform" rating for the company in a research note on Wednesday, May 28th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $121.59.

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.

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