Okta, Inc. (NASDAQ:OKTA) Shares Acquired by Farther Finance Advisors LLC

Farther Finance Advisors LLC grew its position in Okta, Inc. (NASDAQ:OKTA) by 283.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,228 shares of the company’s stock after purchasing an additional 1,647 shares during the period. Farther Finance Advisors LLC’s holdings in Okta were worth $233,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of OKTA. Norges Bank acquired a new position in shares of Okta in the fourth quarter valued at about $234,992,000. Ameriprise Financial Inc. increased its holdings in shares of Okta by 2,135.7% in the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock valued at $150,845,000 after purchasing an additional 1,828,630 shares during the period. Alyeska Investment Group L.P. boosted its stake in shares of Okta by 2,309.4% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company’s stock worth $139,693,000 after buying an additional 1,699,176 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in shares of Okta by 236.8% in the fourth quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock worth $176,271,000 after buying an additional 1,572,786 shares during the last quarter. Finally, Sachem Head Capital Management LP purchased a new stake in shares of Okta in the fourth quarter worth about $105,592,000. 86.64% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Okta

In other news, CRO Jonathan James Addison sold 7,005 shares of the firm’s stock in a transaction on Friday, April 11th. The stock was sold at an average price of $101.19, for a total transaction of $708,835.95. Following the completion of the transaction, the executive now directly owns 19,067 shares in the company, valued at $1,929,389.73. This trade represents a 26.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 5.68% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. UBS Group lowered their target price on Okta from $150.00 to $130.00 and set a “buy” rating on the stock in a research note on Wednesday, May 28th. Jefferies Financial Group restated a “hold” rating and issued a $135.00 target price (up previously from $110.00) on shares of Okta in a research note on Friday, May 23rd. Evercore ISI upped their target price on Okta from $122.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 28th. Westpark Capital restated a “buy” rating and issued a $140.00 target price on shares of Okta in a research note on Wednesday, May 28th. Finally, DA Davidson lowered their target price on Okta from $145.00 to $140.00 and set a “buy” rating on the stock in a research note on Wednesday, May 28th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $121.59.

Okta Price Performance

NASDAQ:OKTA opened at $99.00 on Thursday. Okta, Inc. has a one year low of $70.56 and a one year high of $127.57. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.47 and a current ratio of 1.47. The stock has a market cap of $17.33 billion, a PE ratio of 157.15, a P/E/G ratio of 4.77 and a beta of 0.84. The stock has a 50 day moving average price of $109.30 and a 200 day moving average price of $99.15.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.77 by $0.09. The firm had revenue of $688.00 million during the quarter, compared to analysts’ expectations of $680.14 million. Okta had a return on equity of 2.79% and a net margin of 4.85%. The business’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.65 earnings per share. Equities research analysts expect that Okta, Inc. will post 0.42 EPS 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.