LPL Financial LLC Lowers Stock Holdings in Okta, Inc. (NASDAQ:OKTA)

LPL Financial LLC reduced its position in Okta, Inc. (NASDAQ:OKTA) by 0.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,114 shares of the company’s stock after selling 196 shares during the period. LPL Financial LLC’s holdings in Okta were worth $3,459,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OKTA. MetLife Investment Management LLC bought a new position in Okta during the 1st quarter valued at about $1,232,000. APG Asset Management N.V. increased its position in Okta by 37.3% during the 1st quarter. APG Asset Management N.V. now owns 7,000 shares of the company’s stock valued at $950,000 after buying an additional 1,900 shares in the last quarter. Raymond James Trust N.A. boosted its stake in Okta by 33.7% in the 1st quarter. Raymond James Trust N.A. now owns 2,307 shares of the company’s stock worth $349,000 after purchasing an additional 581 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Okta by 3.7% in the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 22,788 shares of the company’s stock worth $3,440,000 after purchasing an additional 808 shares during the last quarter. Finally, Cibc World Market Inc. lifted its stake in Okta by 7.9% during the 1st quarter. Cibc World Market Inc. now owns 3,297 shares of the company’s stock valued at $498,000 after acquiring an additional 240 shares during the period. 77.52% of the stock is currently owned by institutional investors.

Okta Price Performance

Shares of NASDAQ OKTA opened at $86.16 on Monday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.09 and a current ratio of 2.09. Okta, Inc. has a one year low of $44.12 and a one year high of $91.50. The firm has a market capitalization of $13.99 billion, a P/E ratio of -23.35 and a beta of 0.99. The company’s fifty day moving average is $71.88 and its two-hundred day moving average is $75.83.

Okta (NASDAQ:OKTA) last issued its earnings results on Wednesday, August 30th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.09. Okta had a negative net margin of 35.26% and a negative return on equity of 10.77%. The company had revenue of $556.00 million during the quarter, compared to analysts’ expectations of $534.67 million. During the same period last year, the company posted ($1.19) earnings per share. The firm’s quarterly revenue was up 23.0% compared to the same quarter last year. Analysts forecast that Okta, Inc. will post -2.83 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Canaccord Genuity Group lifted their target price on shares of Okta from $75.00 to $85.00 and gave the company a “hold” rating in a report on Thursday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $112.00 target price on shares of Okta in a research report on Thursday. The Goldman Sachs Group upgraded shares of Okta from a “sell” rating to a “buy” rating and boosted their price target for the stock from $77.00 to $91.00 in a research note on Sunday, August 13th. Morgan Stanley increased their price target on Okta from $84.00 to $89.00 and gave the company an “equal weight” rating in a research report on Monday, July 31st. Finally, JMP Securities reissued a “market outperform” rating and set a $110.00 price objective on shares of Okta in a research report on Thursday. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $89.24.

Insider Transactions at Okta

In related news, insider Larissa Schwartz sold 1,958 shares of the stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $75.60, for a total value of $148,024.80. Following the sale, the insider now directly owns 20,522 shares of the company’s stock, valued at approximately $1,551,463.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Okta news, insider Larissa Schwartz sold 1,958 shares of the firm’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $75.60, for a total transaction of $148,024.80. Following the completion of the transaction, the insider now owns 20,522 shares of the company’s stock, valued at $1,551,463.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brett Tighe sold 4,380 shares of the stock in a transaction on Friday, June 16th. The shares were sold at an average price of $75.60, for a total value of $331,128.00. Following the sale, the chief financial officer now directly owns 48,516 shares in the company, valued at approximately $3,667,809.60. The disclosure for this sale can be found here. Insiders sold 13,430 shares of company stock valued at $1,015,308 in the last 90 days. 7.36% of the stock is currently owned by insiders.

Okta Company Profile

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's, a suite of products and services is used 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 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 enables organizations to extend the Workforce Identity Cloud; Advanced Server Access to manage and secure cloud infrastructure; and Okta Identity Governance, an identity access management and identity governance solutions.