Advisors Asset Management Inc. Decreases Position in Okta, Inc. (NASDAQ:OKTA)

Advisors Asset Management Inc. cut its stake in Okta, Inc. (NASDAQ:OKTAGet Rating) by 14.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,827 shares of the company’s stock after selling 1,374 shares during the quarter. Advisors Asset Management Inc.’s holdings in Okta were worth $708,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Sepio Capital LP lifted its stake in Okta by 3.0% in the 2nd quarter. Sepio Capital LP now owns 3,777 shares of the company’s stock valued at $341,000 after buying an additional 110 shares in the last quarter. Siemens Fonds Invest GmbH lifted its stake in Okta by 4.1% in the 1st quarter. Siemens Fonds Invest GmbH now owns 2,912 shares of the company’s stock valued at $440,000 after buying an additional 116 shares in the last quarter. Nippon Life Global Investors Americas Inc. lifted its stake in Okta by 0.6% in the 1st quarter. Nippon Life Global Investors Americas Inc. now owns 18,900 shares of the company’s stock valued at $2,853,000 after buying an additional 120 shares in the last quarter. Capital Investment Advisory Services LLC lifted its stake in Okta by 4.9% in the 2nd quarter. Capital Investment Advisory Services LLC now owns 3,113 shares of the company’s stock valued at $281,000 after buying an additional 145 shares in the last quarter. Finally, IndexIQ Advisors LLC raised its holdings in Okta by 6.4% in the 1st quarter. IndexIQ Advisors LLC now owns 2,619 shares of the company’s stock valued at $395,000 after acquiring an additional 157 shares during the last quarter. 75.47% of the stock is owned by hedge funds and other institutional investors.

Okta Trading Down 2.7 %

Shares of Okta stock opened at $49.07 on Friday. Okta, Inc. has a 52-week low of $44.12 and a 52-week high of $272.27. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 0.40. The company’s 50-day simple moving average is $54.71 and its 200-day simple moving average is $79.79. The firm has a market cap of $7.80 billion, a price-to-earnings ratio of -8.32 and a beta of 1.21.

Okta (NASDAQ:OKTAGet Rating) last issued its quarterly earnings results on Wednesday, August 31st. The company reported ($1.19) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.41) by $0.22. Okta had a negative net margin of 57.21% and a negative return on equity of 13.18%. The business had revenue of $435.38 million for the quarter, compared to analyst estimates of $430.66 million. During the same period in the previous year, the business posted ($1.35) earnings per share. The business’s revenue was up 43.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Okta, Inc. will post -5.12 earnings per share for the current year.

Analyst Ratings Changes

OKTA has been the subject of a number of recent research reports. Mizuho cut their price objective on shares of Okta from $110.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, November 10th. Macquarie initiated coverage on shares of Okta in a report on Wednesday, November 2nd. They issued a “neutral” rating and a $60.00 price objective for the company. Morgan Stanley cut their price objective on shares of Okta from $93.00 to $65.00 and set an “equal weight” rating for the company in a report on Friday, November 4th. Guggenheim upgraded shares of Okta from a “neutral” rating to a “buy” rating and set a $65.00 price objective for the company in a report on Monday, November 7th. They noted that the move was a valuation call. Finally, Stephens cut their price objective on shares of Okta from $80.00 to $60.00 and set an “equal weight” rating for the company in a report on Friday, November 11th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $89.59.

Insider Buying and Selling

In other Okta news, insider Ledger Susan St. sold 30,760 shares of the company’s stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $59.39, for a total value of $1,826,836.40. Following the sale, the insider now owns 39,106 shares of the company’s stock, valued at $2,322,505.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Okta news, General Counsel Jonathan T. Runyan sold 3,143 shares of the company’s stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $59.39, for a total value of $186,662.77. Following the sale, the general counsel now owns 446 shares of the company’s stock, valued at $26,487.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ledger Susan St. sold 30,760 shares of the company’s stock in a transaction that occurred on Friday, September 16th. The shares were sold at an average price of $59.39, for a total transaction of $1,826,836.40. Following the transaction, the insider now directly owns 39,106 shares in the company, valued at approximately $2,322,505.34. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,797 shares of company stock valued at $3,359,843. Corporate insiders own 7.60% of the company’s stock.

Okta Profile

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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 and services, 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 applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway that enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications; and Advanced Server Access to secure cloud infrastructure.

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Institutional Ownership by Quarter for Okta (NASDAQ:OKTA)

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