Sumitomo Mitsui Trust Group Inc. Has $37.98 Million Holdings in Okta, Inc. (NASDAQ:OKTA)

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 0.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 360,927 shares of the company's stock after selling 3,023 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.21% of Okta worth $37,977,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in OKTA. Proficio Capital Partners LLC acquired a new stake in Okta in the fourth quarter valued at $4,923,000. Metis Global Partners LLC raised its stake in shares of Okta by 6.4% in the 4th quarter. Metis Global Partners LLC now owns 3,386 shares of the company's stock valued at $267,000 after purchasing an additional 205 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Okta by 40.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 732 shares of the company's stock worth $58,000 after purchasing an additional 210 shares during the last quarter. Norden Group LLC acquired a new position in Okta in the fourth quarter worth about $245,000. Finally, Jones Financial Companies Lllp increased its holdings in Okta by 114.3% in the fourth quarter. Jones Financial Companies Lllp now owns 1,847 shares of the company's stock valued at $146,000 after buying an additional 985 shares during the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Trading Down 0.4%

Shares of NASDAQ OKTA traded down $0.41 during mid-day trading on Wednesday, hitting $98.14. 2,249,126 shares of the company traded hands, compared to its average volume of 3,072,599. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.05. 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 $17.18 billion, a price-to-earnings ratio of 155.78, a PEG ratio of 4.84 and a beta of 0.82. The business has a 50 day moving average of $109.33 and a two-hundred day moving average of $100.22.

Okta (NASDAQ:OKTA - Get Free Report) last posted its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 EPS for the quarter, beating analysts' consensus estimates of $0.77 by $0.09. Okta had a net margin of 4.85% and a return on equity of 2.79%. The company had revenue of $688.00 million during the quarter, compared to analyst estimates of $680.14 million. During the same period in the prior year, the firm earned $0.65 earnings per share. The business's quarterly revenue was up 11.5% on a year-over-year basis. On average, sell-side analysts anticipate that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

OKTA has been the subject of several research reports. UBS Group decreased their target price on Okta from $150.00 to $130.00 and set a "buy" rating for the company in a research report on Wednesday, May 28th. Oppenheimer lifted their price objective on shares of Okta from $125.00 to $135.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. Wells Fargo & Company increased their target price on shares of Okta from $100.00 to $110.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 28th. Cantor Fitzgerald initiated coverage on shares of Okta in a research report on Monday, March 31st. They issued an "overweight" rating and a $130.00 price target on the stock. Finally, DA Davidson lowered their price objective on shares of Okta from $145.00 to $140.00 and set a "buy" rating for the company in a research report 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 stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $121.59.

Insider Activity

In other Okta news, insider Larissa Schwartz sold 2,244 shares of the business's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $100.00, for a total value of $224,400.00. Following the transaction, the insider owned 23,640 shares in the company, valued at $2,364,000. The trade was a 8.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO Jonathan James Addison sold 7,005 shares of the firm's stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $101.19, for a total value of $708,835.95. Following the sale, the executive directly owned 19,067 shares of the company's stock, valued at $1,929,389.73. This trade represents a 26.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,935 shares of company stock worth $1,100,347 in the last 90 days. Company insiders own 5.68% of the company's stock.

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.