Vanguard Group Inc. Purchases 582,956 Shares of Okta, Inc. (NASDAQ:OKTA)

Key Points

• Vanguard Group Inc. increased its holdings in Okta, Inc. by acquiring 582,956 shares, raising its total ownership to approximately 17.8 million shares, valued at $1.87 billion.
• In the first quarter, institutional investors collectively owned 86.64% of Okta's stock, indicating strong institutional interest in the company.
• Okta recently reported earnings of $0.86 per share, surpassing analysts' expectations, with revenue growth of 11.5% year-over-year.

Vanguard Group Inc. raised its position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 3.4% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,792,886 shares of the company's stock after acquiring an additional 582,956 shares during the period. Vanguard Group Inc. owned approximately 10.25% of Okta worth $1,872,167,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. TD Private Client Wealth LLC increased its position in Okta by 19.6% during the first quarter. TD Private Client Wealth LLC now owns 561 shares of the company's stock valued at $59,000 after acquiring an additional 92 shares during the last quarter. Allworth Financial LP boosted its stake in shares of Okta by 5.7% during 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 boosted its stake in shares of Okta by 7.2% during 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. boosted its stake in shares of Okta by 18.9% during 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 boosted its stake in shares of Okta by 3.7% during 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. Institutional investors own 86.64% of the company's stock.

Insider Buying and Selling

In other Okta news, insider Larissa Schwartz sold 2,244 shares of the firm's stock in a transaction on 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 approximately $2,364,000. This trade represents a 8.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CRO Jonathan James Addison sold 9,000 shares of the firm's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $100.00, for a total value of $900,000.00. Following the completion of the transaction, the executive owned 7,067 shares in the company, valued at $706,700. The trade was a 56.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 88,594 shares of company stock worth $8,382,790 in the last ninety days. Company insiders own 5.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on OKTA shares. Roth Capital reissued a "buy" rating and set a $119.00 target price on shares of Okta in a research note on Wednesday, May 28th. Stifel Nicolaus boosted their target price on shares of Okta from $120.00 to $130.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Loop Capital began coverage on shares of Okta in a research note on Monday, May 5th. They set a "buy" rating and a $140.00 target price for the company. JMP Securities reaffirmed a "market perform" rating on shares of Okta in a research note on Wednesday, May 28th. Finally, Morgan Stanley lowered their price objective on shares of Okta from $125.00 to $123.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-one have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $118.61.

Okta Trading Down 2.2%

Shares of NASDAQ:OKTA opened at $91.55 on Friday. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $127.57. The firm has a market capitalization of $16.03 billion, a price-to-earnings ratio of 145.32, a price-to-earnings-growth ratio of 4.43 and a beta of 0.80. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.47 and a quick ratio of 1.47. The business's 50 day moving average price is $97.99 and its 200-day moving average price is $102.64.

Okta (NASDAQ:OKTA - Get Free Report) last announced its earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share (EPS) 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 analyst estimates of $680.14 million. Okta had a return on equity of 2.79% and a net margin of 4.85%. The business's revenue was up 11.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.65 EPS. On average, equities research analysts forecast that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

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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