Trek Financial LLC Takes $426,000 Position in Okta, Inc. (NASDAQ:OKTA)

Trek Financial LLC acquired a new stake in Okta, Inc. (NASDAQ:OKTA - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 4,053 shares of the company's stock, valued at approximately $426,000.

A number of other hedge funds have also made changes to their positions in OKTA. Norges Bank purchased a new position in shares of Okta in the 4th quarter valued at about $234,992,000. Ameriprise Financial Inc. boosted its position in shares of 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 purchasing an additional 1,828,630 shares during the period. Ninety One UK Ltd acquired a new stake in shares of Okta in the 1st quarter valued at about $189,915,000. Alyeska Investment Group L.P. boosted its position in shares of 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 purchasing an additional 1,699,176 shares during the period. Finally, Point72 Asset Management L.P. boosted its position in shares of 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 purchasing an additional 1,572,786 shares during the period. Hedge funds and other institutional investors own 86.64% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Morgan Stanley decreased their target price on Okta from $125.00 to $123.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Scotiabank upped their target price on Okta from $109.00 to $115.00 and gave the company a "sector perform" rating in a research report on Wednesday, May 28th. Stephens reissued an "equal weight" rating and issued a $127.00 target price on shares of Okta in a research report on Tuesday, May 27th. JMP Securities reissued a "market perform" rating on shares of Okta in a research report on Wednesday, May 28th. Finally, The Goldman Sachs Group upped their target price on Okta from $123.00 to $137.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $119.44.

Okta Stock Performance

Okta stock opened at $99.15 on Thursday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.47 and a current ratio of 1.47. The stock has a fifty day moving average of $108.48 and a two-hundred day moving average of $100.73. The company has a market capitalization of $17.36 billion, a price-to-earnings ratio of 157.38, a PEG ratio of 4.72 and a beta of 0.82. Okta, Inc. has a fifty-two week low of $70.56 and a fifty-two week high of $127.57.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.09. The company 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%. Okta's revenue was up 11.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.65 earnings per share. On average, analysts anticipate that Okta, Inc. will post 0.42 EPS for the current fiscal year.

Insider Activity

In other news, Director Jacques Frederic Kerrest sold 581 shares of Okta stock in a transaction on Friday, June 20th. The stock was sold at an average price of $100.29, for a total value of $58,268.49. Following the completion of the sale, the director owned 2,832 shares of the company's stock, valued at $284,021.28. The trade was a 17.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Larissa Schwartz sold 2,244 shares of Okta stock in a transaction on Friday, June 20th. The shares were sold at an average price of $100.00, for a total value of $224,400.00. Following the completion of the sale, the insider directly owned 23,640 shares of the company's stock, valued at approximately $2,364,000. This represents a 8.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,935 shares of company stock valued at $1,100,347 over the last quarter. Company insiders own 5.68% of the company's stock.

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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