a16z Perennial Management L.P. Invests $54.13 Million in Okta, Inc. (NASDAQ:OKTA)

a16z Perennial Management L.P. purchased a new stake in Okta, Inc. (NASDAQ:OKTA - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 597,873 shares of the company's stock, valued at approximately $54,125,000. Okta makes up 8.1% of a16z Perennial Management L.P.'s investment portfolio, making the stock its 4th largest holding. a16z Perennial Management L.P. owned 0.36% of Okta at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of OKTA. NBC Securities Inc. bought a new stake in shares of Okta during the third quarter worth approximately $27,000. GAMMA Investing LLC bought a new stake in shares of Okta during the 4th quarter valued at $29,000. Harvest Fund Management Co. Ltd acquired a new position in shares of Okta in the 3rd quarter valued at $39,000. Quintet Private Bank Europe S.A. bought a new position in shares of Okta in the 3rd quarter worth $64,000. Finally, Tucker Asset Management LLC acquired a new stake in shares of Okta during the third quarter worth $65,000. Institutional investors own 86.64% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on OKTA shares. Piper Sandler raised their target price on Okta from $85.00 to $110.00 and gave the stock a "neutral" rating in a report on Thursday, February 29th. Oppenheimer boosted their price objective on shares of Okta from $110.00 to $125.00 and gave the company an "outperform" rating in a report on Thursday, February 29th. Bank of America upgraded shares of Okta from an "underperform" rating to a "buy" rating and increased their target price for the stock from $64.00 to $135.00 in a report on Thursday, February 29th. JPMorgan Chase & Co. boosted their price target on shares of Okta from $74.00 to $88.00 and gave the company a "neutral" rating in a report on Monday, February 26th. Finally, Susquehanna raised their price objective on Okta from $70.00 to $115.00 and gave the stock a "neutral" rating in a research note on Monday, March 4th. Twenty research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $100.39.

Okta Stock Performance

Shares of NASDAQ:OKTA traded up $0.36 on Wednesday, reaching $93.34. 951,027 shares of the company's stock were exchanged, compared to its average volume of 1,893,339. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.20. Okta, Inc. has a twelve month low of $65.04 and a twelve month high of $114.50. The company has a fifty day moving average of $99.86 and a 200-day moving average of $86.44. The company has a market capitalization of $15.63 billion, a price-to-earnings ratio of -42.66 and a beta of 1.00.

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

Insiders Place Their Bets

In related news, CAO Shibu Ninan sold 4,279 shares of the firm's stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $104.14, for a total value of $445,615.06. Following the sale, 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 is accessible through this link. In other news, Director Shellye L. Archambeau sold 5,000 shares of the company's stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $106.96, for a total transaction of $534,800.00. Following the completion of the transaction, the director now directly owns 6,042 shares in the company, valued at $646,252.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Shibu Ninan sold 4,279 shares of the firm's stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $104.14, for a total value of $445,615.06. Following the sale, the chief accounting officer now directly owns 4,111 shares in the company, valued at approximately $428,119.54. The disclosure for this sale can be found here. Insiders sold 11,779 shares of company stock worth $1,205,990 over the last three months. Insiders own 7.36% 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.

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