GAMMA Investing LLC Acquires New Shares in Okta, Inc. (NASDAQ:OKTA)

GAMMA Investing LLC bought a new position in Okta, Inc. (NASDAQ:OKTA) in the fourth quarter, HoldingsChannel reports. The fund bought 355 shares of the company’s stock, valued at approximately $29,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. NBC Securities Inc. purchased a new stake in Okta during the third quarter valued at $27,000. Harvest Fund Management Co. Ltd purchased a new stake in shares of Okta during the 3rd quarter valued at about $39,000. UMB Bank n.a. lifted its stake in shares of Okta by 150.5% in the 4th quarter. UMB Bank n.a. now owns 749 shares of the company’s stock worth $68,000 after purchasing an additional 450 shares during the period. Lindbrook Capital LLC boosted its holdings in shares of Okta by 61.6% in the fourth quarter. Lindbrook Capital LLC now owns 782 shares of the company’s stock worth $71,000 after buying an additional 298 shares during the last quarter. Finally, Quintet Private Bank Europe S.A. bought a new stake in Okta during the third quarter valued at approximately $64,000. Institutional investors own 86.64% of the company’s stock.

Okta Stock Up 2.8 %

Shares of NASDAQ OKTA opened at $99.25 on Tuesday. The stock’s fifty day simple moving average is $100.63 and its two-hundred day simple moving average is $86.63. Okta, Inc. has a 12-month low of $65.04 and a 12-month high of $114.50. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $16.61 billion, a PE ratio of -44.49 and a beta of 0.98.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.35. Okta had a negative net margin of 15.69% and a negative return on equity of 5.69%. The business had revenue of $605.00 million for the quarter, compared to analyst estimates of $586.25 million. As a group, analysts expect that Okta, Inc. will post -1.51 EPS for the current fiscal year.

Insider Activity at Okta

In other Okta news, CAO Shibu Ninan sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $90.23, for a total transaction of $225,575.00. Following the transaction, the chief accounting officer now owns 6,539 shares in the company, valued at approximately $590,013.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Okta news, CAO Shibu Ninan sold 2,500 shares of Okta stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $90.23, for a total transaction of $225,575.00. Following the completion of the sale, the chief accounting officer now owns 6,539 shares of the company’s stock, valued at approximately $590,013.97. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Shellye L. Archambeau sold 5,000 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $106.96, for a total value of $534,800.00. Following the completion of the transaction, 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. Insiders sold 11,779 shares of company stock valued at $1,205,990 in the last three months. 7.36% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Piper Sandler upped their price objective on Okta from $85.00 to $110.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. Truist Financial reaffirmed a “hold” rating and issued a $105.00 target price (up previously from $85.00) on shares of Okta in a report on Thursday, February 29th. The Goldman Sachs Group raised their price objective on Okta from $105.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Oppenheimer upped their target price on shares of Okta from $110.00 to $125.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Finally, Susquehanna increased their price target on Okta from $70.00 to $115.00 and gave the company a “neutral” rating in a report on Monday, March 4th. Twenty research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Okta currently has an average rating of “Hold” and an average target price of $100.39.

About Okta

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.