Beacon Pointe Advisors LLC Acquires 27,329 Shares of Okta, Inc. (NASDAQ:OKTA)

Beacon Pointe Advisors LLC lifted its position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 80.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 61,303 shares of the company's stock after buying an additional 27,329 shares during the period. Beacon Pointe Advisors LLC's holdings in Okta were worth $5,550,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in OKTA. Vanguard Group Inc. increased its stake in Okta by 0.8% during the third 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 during the last quarter. Sands Capital Management LLC raised its holdings in Okta by 2.4% in the third quarter. Sands Capital Management LLC now owns 5,871,958 shares of the company's stock valued at $478,623,000 after buying an additional 136,267 shares during the period. Cerity Partners LLC raised its holdings in Okta by 6,192.3% in the fourth quarter. Cerity Partners LLC now owns 3,172,223 shares of the company's stock valued at $287,181,000 after buying an additional 3,121,809 shares during the period. Eminence Capital LP lifted its position in Okta by 7.7% during the third quarter. Eminence Capital LP now owns 1,599,703 shares of the company's stock valued at $130,392,000 after buying an additional 113,994 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in Okta by 8.2% during the third quarter. Legal & General Group Plc now owns 1,150,442 shares of the company's stock worth $93,773,000 after buying an additional 87,102 shares during the period. 86.64% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OKTA has been the topic of several recent research reports. Truist Financial restated a "hold" rating and set a $105.00 target price (up previously from $85.00) on shares of Okta in a report on Thursday, February 29th. Mizuho upped their target price on Okta from $105.00 to $110.00 and gave the stock a "neutral" rating in a research report on Friday. Royal Bank of Canada increased their target price on Okta from $95.00 to $125.00 and gave the company an "outperform" rating in a research note on Thursday, February 29th. Bank of America raised Okta from an "underperform" rating to a "buy" rating and boosted their price target for the stock from $64.00 to $135.00 in a research report on Thursday, February 29th. Finally, BMO Capital Markets increased their price objective on shares of Okta from $80.00 to $110.00 and gave the company a "market perform" rating in a research report on Thursday, February 29th. Twenty analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Okta presently has an average rating of "Hold" and an average price target of $101.84.

Okta Stock Performance

Shares of Okta stock traded up $2.22 during trading hours on Friday, reaching $102.96. The company's stock had a trading volume of 2,726,761 shares, compared to its average volume of 1,824,561. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.67 and a current ratio of 1.67. Okta, Inc. has a one year low of $65.04 and a one year high of $114.50. The company's 50 day simple moving average is $99.97 and its 200 day simple moving average is $88.34. The stock has a market cap of $17.24 billion, a P/E ratio of -47.45 and a beta of 0.98.

Okta (NASDAQ:OKTA - Get Free Report) last issued its 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. The firm had revenue of $605.00 million for the quarter, compared to analysts' expectations of $586.25 million. Okta had a negative net margin of 15.69% and a negative return on equity of 5.69%. As a group, analysts expect that Okta, Inc. will post -1.51 EPS for the current fiscal year.

Insider Buying and Selling

In other Okta news, CAO Shibu Ninan sold 4,279 shares of the firm's stock in a transaction on 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 in the company, valued at $428,119.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Okta news, CAO Shibu Ninan sold 4,279 shares of the firm's stock in a transaction that occurred 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 owns 4,111 shares in the company, valued at $428,119.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Shellye L. Archambeau sold 5,000 shares of the business's stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $106.96, for a total value of $534,800.00. Following the transaction, the director now owns 6,042 shares of the company's stock, valued at $646,252.32. The disclosure for this sale can be found here. 7.00% of the stock is owned by company insiders.

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.