Spark Investment Management LLC purchased a new stake in Okta Inc (NASDAQ:OKTA) during the first quarter, Holdings Channel reports. The institutional investor purchased 150,400 shares of the company’s stock, valued at approximately $12,442,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of Okta by 27.5% in the fourth quarter. FMR LLC now owns 9,265,547 shares of the company’s stock worth $591,143,000 after buying an additional 1,996,090 shares during the period. Vanguard Group Inc increased its stake in Okta by 1.8% during the third quarter. Vanguard Group Inc now owns 6,891,351 shares of the company’s stock valued at $484,875,000 after purchasing an additional 120,687 shares during the last quarter. BlackRock Inc. increased its stake in Okta by 16.4% during the fourth quarter. BlackRock Inc. now owns 4,402,670 shares of the company’s stock valued at $280,891,000 after purchasing an additional 618,835 shares during the last quarter. Morgan Stanley increased its stake in Okta by 49.3% during the third quarter. Morgan Stanley now owns 2,256,056 shares of the company’s stock valued at $158,736,000 after purchasing an additional 744,738 shares during the last quarter. Finally, Two Sigma Advisers LP increased its stake in Okta by 12.6% during the fourth quarter. Two Sigma Advisers LP now owns 940,660 shares of the company’s stock valued at $60,014,000 after purchasing an additional 105,500 shares during the last quarter. Hedge funds and other institutional investors own 64.83% of the company’s stock.
OKTA has been the subject of several recent research reports. Morgan Stanley assumed coverage on shares of Okta in a research note on Monday, February 4th. They set an “equal weight” rating and a $85.00 target price for the company. Zacks Investment Research downgraded shares of Okta from a “hold” rating to a “sell” rating in a report on Tuesday, February 5th. SunTrust Banks downgraded shares of Okta from a “buy” rating to a “hold” rating and upped their price objective for the stock from $74.00 to $90.00 in a report on Monday, March 4th. They noted that the move was a valuation call. Monness Crespi & Hardt reiterated a “buy” rating and issued a $90.00 price target (up from $75.00) on shares of Okta in a research report on Wednesday, March 6th. Finally, Robert W. Baird reiterated a “hold” rating on shares of Okta in a research report on Friday, March 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $82.11.
In related news, insider Charles Race sold 30,000 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $80.21, for a total value of $2,406,300.00. Following the transaction, the insider now owns 32,536 shares in the company, valued at $2,609,712.56. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO William E. Losch sold 4,431 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $82.31, for a total value of $364,715.61. Following the completion of the transaction, the chief financial officer now owns 11,465 shares in the company, valued at approximately $943,684.15. The disclosure for this sale can be found here. Insiders have sold 578,565 shares of company stock worth $49,065,250 in the last 90 days. Company insiders own 14.69% of the company’s stock.
Shares of NASDAQ OKTA traded down $0.68 during trading hours on Friday, reaching $109.03. The stock had a trading volume of 17,017 shares, compared to its average volume of 1,823,965. Okta Inc has a twelve month low of $41.88 and a twelve month high of $111.23. The firm has a market capitalization of $12.31 billion, a price-to-earnings ratio of -106.78 and a beta of 1.32.
Okta (NASDAQ:OKTA) last announced its earnings results on Thursday, March 7th. The company reported ($0.24) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.03. The company had revenue of $115.47 million for the quarter, compared to analysts’ expectations of $107.94 million. Okta had a negative return on equity of 44.56% and a negative net margin of 31.43%. On average, equities analysts anticipate that Okta Inc will post -1.38 EPS for the current year.
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Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products to manage and secure identities, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.
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