Jackson Square Partners LLC Reduces Stake in Okta, Inc. (NASDAQ:OKTA)

Jackson Square Partners LLC lessened its position in Okta, Inc. (NASDAQ:OKTA - Free Report) by 11.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 813,698 shares of the company's stock after selling 102,057 shares during the period. Okta makes up 2.4% of Jackson Square Partners LLC's portfolio, making the stock its 22nd biggest position. Jackson Square Partners LLC owned approximately 0.49% of Okta worth $73,664,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Raymond James Financial Services Advisors Inc. increased its stake in Okta by 48.0% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 19,567 shares of the company's stock valued at $1,595,000 after buying an additional 6,350 shares during the period. Strs Ohio acquired a new position in Okta during the 3rd quarter valued at about $871,000. TD Asset Management Inc boosted its position in shares of Okta by 8.7% during the 3rd quarter. TD Asset Management Inc now owns 19,771 shares of the company's stock valued at $1,612,000 after purchasing an additional 1,581 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Okta by 5.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 243,453 shares of the company's stock valued at $19,844,000 after purchasing an additional 11,861 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its position in shares of Okta by 4.9% during the 3rd quarter. CIBC Asset Management Inc now owns 5,214 shares of the company's stock valued at $425,000 after purchasing an additional 242 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company's stock.

Insider Activity

In other news, CAO Shibu Ninan sold 4,279 shares of the business'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 completion of the transaction, the chief accounting officer now directly owns 4,111 shares in the company, valued at approximately $428,119.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Shibu Ninan sold 4,279 shares of Okta stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $104.14, for a total transaction of $445,615.06. Following the sale, the chief accounting officer now directly owns 4,111 shares of the company's stock, valued at approximately $428,119.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Shellye L. Archambeau sold 5,000 shares of Okta stock in a transaction that occurred 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 sale, the director now directly owns 6,042 shares in the company, valued at $646,252.32. The disclosure for this sale can be found here. Corporate insiders own 7.00% of the company's stock.

Okta Price Performance

Shares of NASDAQ:OKTA traded up $2.22 during midday trading on Friday, hitting $102.96. The stock had a trading volume of 2,727,522 shares, compared to its average volume of 1,124,713. The company's 50-day moving average price is $99.97 and its 200-day moving average price is $88.49. The company has a market capitalization of $17.24 billion, a P/E ratio of -47.45 and a beta of 0.98. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.20. Okta, Inc. has a fifty-two week low of $65.04 and a fifty-two week high of $114.50.

Okta (NASDAQ:OKTA - Get Free Report) last issued its earnings results on Wednesday, February 28th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.35. The company had revenue of $605.00 million during 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, equities research analysts predict that Okta, Inc. will post -1.51 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on OKTA. Sanford C. Bernstein raised their price objective on shares of Okta from $84.00 to $114.00 and gave the company a "market perform" rating in a research report on Thursday, February 29th. The Goldman Sachs Group raised their price objective on shares of Okta from $105.00 to $120.00 and gave the company a "buy" rating in a research report on Thursday, February 29th. Royal Bank of Canada raised their price objective on shares of Okta from $95.00 to $125.00 and gave the company an "outperform" rating in a research report on Thursday, February 29th. Canaccord Genuity Group raised their price objective on shares of Okta from $85.00 to $95.00 and gave the company a "hold" rating in a research report on Thursday, February 29th. Finally, Truist Financial reiterated a "hold" rating and issued a $105.00 target price (up from $85.00) on shares of Okta in a report on Thursday, February 29th. Twenty research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $101.84.

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.