Resona Asset Management Co. Ltd. Acquires 3,090 Shares of Okta, Inc. (NASDAQ:OKTA)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Okta, Inc. by 6.7% during the first quarter, now holding a total of 48,936 shares valued at over $5 million.
• Several institutional investors, including TD Private Client Wealth LLC and Allworth Financial LP, also raised their stakes in Okta, collectively indicating strong interest from the investment community.
• Okta recently reported an earnings per share (EPS) of $0.86 for the last quarter, exceeding estimates and showcasing a year-over-year revenue growth of 11.5% to $688 million.

Resona Asset Management Co. Ltd. boosted its holdings in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 6.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 48,936 shares of the company's stock after purchasing an additional 3,090 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Okta were worth $5,167,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OKTA. TD Private Client Wealth LLC increased its holdings in Okta by 19.6% in the first quarter. TD Private Client Wealth LLC now owns 561 shares of the company's stock valued at $59,000 after purchasing an additional 92 shares during the period. Allworth Financial LP increased its holdings in Okta by 5.7% in the first quarter. Allworth Financial LP now owns 1,708 shares of the company's stock valued at $173,000 after purchasing an additional 92 shares during the period. GPS Wealth Strategies Group LLC increased its holdings in Okta by 7.2% in the first quarter. GPS Wealth Strategies Group LLC now owns 1,484 shares of the company's stock valued at $156,000 after purchasing an additional 100 shares during the period. First Horizon Advisors Inc. increased its holdings in Okta by 18.9% in the first quarter. First Horizon Advisors Inc. now owns 678 shares of the company's stock valued at $71,000 after purchasing an additional 108 shares during the period. Finally, Stephens Inc. AR increased its holdings in Okta by 3.7% in the first quarter. Stephens Inc. AR now owns 3,417 shares of the company's stock valued at $360,000 after purchasing an additional 121 shares during the period. 86.64% of the stock is currently owned by institutional investors.

Okta Price Performance

Okta stock opened at $92.02 on Friday. Okta, Inc. has a 52 week low of $70.56 and a 52 week high of $127.57. The company's 50 day moving average price is $96.51 and its two-hundred day moving average price is $102.53. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.05. The stock has a market cap of $16.11 billion, a P/E ratio of 146.07, a P/E/G ratio of 4.29 and a beta of 0.80.

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

Insiders Place Their Bets

In other Okta news, CRO Jonathan James Addison sold 9,000 shares of the business's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $100.00, for a total transaction of $900,000.00. Following the sale, the executive owned 7,067 shares of the company's stock, valued at $706,700. The trade was a 56.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Todd Mckinnon sold 31,592 shares of the business's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $95.30, for a total transaction of $3,010,717.60. Following the sale, the chief executive officer directly owned 20,682 shares in the company, valued at $1,970,994.60. The trade was a 60.44% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 88,594 shares of company stock valued at $8,382,790 in the last quarter. 5.68% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on OKTA. JPMorgan Chase & Co. lifted their price objective on Okta from $120.00 to $140.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. Needham & Company LLC lifted their price objective on Okta from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. Canaccord Genuity Group lifted their price objective on Okta from $100.00 to $115.00 and gave the stock a "hold" rating in a research report on Wednesday, May 28th. Wells Fargo & Company lifted their price objective 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, Arete began coverage on Okta in a research report on Monday, July 7th. They issued a "sell" rating and a $83.00 price objective for the company. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-one have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $118.61.

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.

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