Eminence Capital LP Has $186.23 Million Stake in Okta, Inc. (NASDAQ:OKTA)

Eminence Capital LP boosted its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 18.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,989,375 shares of the company’s stock after purchasing an additional 305,381 shares during the period. Okta comprises approximately 3.0% of Eminence Capital LP’s investment portfolio, making the stock its 9th biggest position. Eminence Capital LP owned 1.18% of Okta worth $186,225,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. City State Bank increased its holdings in shares of Okta by 160.0% during the first quarter. City State Bank now owns 260 shares of the company’s stock worth $27,000 after buying an additional 160 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Okta by 71.4% during the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after buying an additional 142 shares in the last quarter. First Command Advisory Services Inc. acquired a new position in shares of Okta during the second quarter worth $47,000. nVerses Capital LLC acquired a new stake in Okta in the second quarter valued at $47,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in Okta in the first quarter valued at $63,000. 86.64% of the stock is currently owned by institutional investors.

Insider Transactions at Okta

In other news, Director Jacques Frederic Kerrest sold 3,280 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $95.64, for a total transaction of $313,699.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Jacques Frederic Kerrest sold 3,280 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $95.64, for a total transaction of $313,699.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Larissa Schwartz sold 2,792 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $99.40, for a total transaction of $277,524.80. Following the sale, the insider now owns 29,809 shares of the company’s stock, valued at approximately $2,963,014.60. The disclosure for this sale can be found here. Insiders sold a total of 580,439 shares of company stock worth $50,396,157 in the last quarter. Insiders own 7.00% of the company’s stock.

Analyst Upgrades and Downgrades

OKTA has been the subject of a number of recent research reports. The Goldman Sachs Group decreased their price objective on Okta from $130.00 to $113.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Bank of America cut shares of Okta from a “buy” rating to an “underperform” rating and cut their price target for the company from $135.00 to $75.00 in a research report on Thursday, August 29th. Piper Sandler cut their price target on shares of Okta from $110.00 to $100.00 and set a “neutral” rating on the stock in a research report on Thursday, August 29th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $125.00 price target on shares of Okta in a research report on Thursday, August 29th. Finally, Truist Financial reaffirmed a “hold” rating and set a $95.00 price target (down previously from $105.00) on shares of Okta in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $104.62.

Okta Trading Down 1.3 %

NASDAQ:OKTA opened at $74.86 on Thursday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. The firm has a market cap of $12.72 billion, a price-to-earnings ratio of -44.83, a price-to-earnings-growth ratio of 42.19 and a beta of 1.01. Okta, Inc. has a 52 week low of $65.04 and a 52 week high of $114.50. The firm has a 50-day moving average price of $86.00 and a two-hundred day moving average price of $92.88.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, beating the consensus estimate of ($0.08) by $0.29. The firm had revenue of $646.00 million during the quarter, compared to analyst estimates of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. On average, equities analysts expect that Okta, Inc. will post 0.08 earnings per share for the current fiscal year.

Okta 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.