Prosperity Wealth Management Inc. Takes $303,000 Position in Okta, Inc. (NASDAQ:OKTA)

Prosperity Wealth Management Inc. acquired a new stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,880 shares of the company's stock, valued at approximately $303,000.

Several other institutional investors have also added to or reduced their stakes in the company. Bank of Jackson Hole Trust bought a new position in Okta in the fourth quarter valued at about $25,000. TD Private Client Wealth LLC boosted its stake in shares of Okta by 3,507.7% during the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company's stock valued at $37,000 after purchasing an additional 456 shares in the last quarter. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Okta during the fourth quarter valued at about $40,000. Brown Brothers Harriman & Co. acquired a new stake in shares of Okta during the fourth quarter valued at about $43,000. Finally, True Wealth Design LLC boosted its stake in shares of Okta by 237.4% during the fourth quarter. True Wealth Design LLC now owns 577 shares of the company's stock valued at $45,000 after purchasing an additional 406 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CRO Jonathan James Addison sold 7,005 shares of the stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $101.19, for a total value of $708,835.95. Following the completion of the sale, the executive now owns 19,067 shares in the company, valued at $1,929,389.73. This represents a 26.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 5.68% of the company's stock.

Okta Stock Up 0.3%

Shares of NASDAQ OKTA traded up $0.33 during midday trading on Thursday, hitting $99.00. 2,462,279 shares of the stock traded hands, compared to its average volume of 3,030,155. The company has a market cap of $17.33 billion, a PE ratio of 157.15, a P/E/G ratio of 4.77 and a beta of 0.84. Okta, Inc. has a one year low of $70.56 and a one year high of $127.57. The business has a 50 day moving average price of $109.30 and a two-hundred day moving average price of $99.15. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.47 and a current ratio of 1.47.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.77 by $0.09. The firm had revenue of $688.00 million during 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 quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.65 earnings per share. On average, equities analysts predict that Okta, Inc. will post 0.42 EPS for the current year.

Wall Street Analyst Weigh In

OKTA has been the topic of a number of recent research reports. Royal Bank Of Canada cut their price target on Okta from $143.00 to $135.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 28th. JMP Securities reissued a "market perform" rating on shares of Okta in a research note on Wednesday, May 28th. Truist Financial lifted their price target on Okta from $92.00 to $100.00 and gave the company a "hold" rating in a research note on Tuesday, March 4th. Barclays cut their price target on Okta from $135.00 to $120.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 28th. Finally, Scotiabank lifted their price target on Okta from $109.00 to $115.00 and gave the company a "sector perform" rating in a research note on Wednesday, May 28th. One investment 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 stock has a consensus rating of "Moderate Buy" and an average price target of $121.59.

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.