Okta, Inc. (NASDAQ:OKTA) Shares Acquired by NewEdge Wealth LLC

NewEdge Wealth LLC grew its position in Okta, Inc. (NASDAQ:OKTA - Free Report) by 10.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 182,758 shares of the company's stock after purchasing an additional 17,171 shares during the period. NewEdge Wealth LLC owned approximately 0.11% of Okta worth $16,545,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of OKTA. Vanguard Group Inc. lifted its position in Okta by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 15,281,123 shares of the company's stock worth $1,245,564,000 after acquiring an additional 123,216 shares in the last quarter. Sands Capital Management LLC lifted its position in Okta by 2.4% during the 3rd quarter. Sands Capital Management LLC now owns 5,871,958 shares of the company's stock worth $478,623,000 after acquiring an additional 136,267 shares in the last quarter. Cerity Partners LLC lifted its position in Okta by 6,192.3% during the 4th quarter. Cerity Partners LLC now owns 3,172,223 shares of the company's stock worth $287,181,000 after acquiring an additional 3,121,809 shares in the last quarter. Geode Capital Management LLC lifted its position in Okta by 3.8% during the 1st quarter. Geode Capital Management LLC now owns 2,154,575 shares of the company's stock worth $185,547,000 after acquiring an additional 78,366 shares in the last quarter. Finally, Eminence Capital LP lifted its position in Okta by 7.7% during the 3rd quarter. Eminence Capital LP now owns 1,599,703 shares of the company's stock worth $130,392,000 after acquiring an additional 113,994 shares in the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OKTA has been the topic of several recent research reports. Truist Financial reissued a "hold" rating and set a $105.00 price target (up from $85.00) on shares of Okta in a research report on Thursday, February 29th. Sanford C. Bernstein lifted their price objective on Okta from $84.00 to $114.00 and gave the stock a "market perform" rating in a report on Thursday, February 29th. Citigroup lifted their price objective on Okta from $75.00 to $85.00 and gave the stock a "neutral" rating in a report on Wednesday, January 10th. Bank of America upgraded Okta from an "underperform" rating to a "buy" rating and lifted their price objective for the stock from $64.00 to $135.00 in a report on Thursday, February 29th. Finally, Evercore ISI lifted their price objective on Okta from $70.00 to $102.00 and gave the stock an "in-line" rating in a report on Thursday, February 29th. Twenty investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat.com, Okta currently has an average rating of "Hold" and an average target price of $100.39.

Insiders Place Their Bets

In other news, insider Larissa Schwartz sold 872 shares of the company's stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $82.83, for a total value of $72,227.76. Following the completion of the sale, the insider now owns 22,125 shares in the company, valued at $1,832,613.75. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CAO Shibu Ninan sold 4,279 shares of the company's stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $104.14, for a total transaction of $445,615.06. Following the transaction, the chief accounting officer now directly owns 4,111 shares of the company's stock, valued at $428,119.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Larissa Schwartz sold 872 shares of the company's stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $82.83, for a total value of $72,227.76. Following the transaction, the insider now directly owns 22,125 shares in the company, valued at $1,832,613.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,651 shares of company stock worth $1,278,218. 7.36% of the stock is owned by company insiders.

Okta Stock Performance

NASDAQ:OKTA traded down $2.54 during midday trading on Friday, reaching $98.26. 1,552,082 shares of the company traded hands, compared to its average volume of 2,046,794. Okta, Inc. has a twelve month low of $65.04 and a twelve month high of $114.50. The firm has a market capitalization of $16.45 billion, a price-to-earnings ratio of -45.28 and a beta of 1.00. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.67 and a quick ratio of 1.67. The company has a fifty day moving average price of $97.98 and a 200 day moving average price of $85.38.

Okta (NASDAQ:OKTA - Get Free Report) last announced its quarterly earnings results on Wednesday, February 28th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.49) by $0.35. Okta had a negative return on equity of 5.69% and a negative net margin of 15.69%. The company had revenue of $605.00 million during the quarter, compared to analyst estimates of $586.25 million. On average, analysts expect that Okta, Inc. will post -1.51 EPS for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.