Golden State Wealth Management LLC Boosts Holdings in Okta, Inc. (NASDAQ:OKTA)

Golden State Wealth Management LLC grew its position in Okta, Inc. (NASDAQ:OKTA) by 118.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 657 shares of the company’s stock after buying an additional 356 shares during the period. Golden State Wealth Management LLC’s holdings in Okta were worth $69,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in OKTA. Norges Bank purchased a new position in shares of Okta during the 4th quarter worth approximately $234,992,000. Ameriprise Financial Inc. boosted its position in shares of Okta by 2,135.7% during the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock worth $150,845,000 after purchasing an additional 1,828,630 shares during the period. Alyeska Investment Group L.P. boosted its position in shares of Okta by 2,309.4% during the 4th quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company’s stock worth $139,693,000 after purchasing an additional 1,699,176 shares during the period. Point72 Asset Management L.P. boosted its position in shares of Okta by 236.8% during the 4th quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock worth $176,271,000 after purchasing an additional 1,572,786 shares during the period. Finally, Sachem Head Capital Management LP purchased a new position in shares of Okta during the 4th quarter worth approximately $105,592,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Insider Activity at Okta

In related news, Director Jacques Frederic Kerrest sold 581 shares of the business’s stock in a transaction on Friday, June 20th. The shares were sold at an average price of $100.29, for a total value of $58,268.49. Following the completion of the sale, the director directly owned 2,832 shares of the company’s stock, valued at $284,021.28. The trade was a 17.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Larissa Schwartz sold 2,244 shares of the business’s stock in a transaction on Friday, June 20th. The shares were sold at an average price of $100.00, for a total transaction of $224,400.00. Following the completion of the sale, the insider directly owned 23,640 shares of the company’s stock, valued at approximately $2,364,000. This trade represents a 8.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,935 shares of company stock valued at $1,100,347 over the last ninety days. Insiders own 5.68% of the company’s stock.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $99.97 on Tuesday. Okta, Inc. has a 12 month low of $70.56 and a 12 month high of $127.57. The firm has a market capitalization of $17.50 billion, a P/E ratio of 158.69, a P/E/G ratio of 4.76 and a beta of 0.84. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.47 and a quick ratio of 1.47. The company’s fifty day moving average price is $109.25 and its 200 day moving average price is $100.23.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.09. Okta had a net margin of 4.85% and a return on equity of 2.79%. The firm had revenue of $688.00 million during the quarter, compared to analysts’ expectations of $680.14 million. During the same period in the previous year, the company earned $0.65 earnings per share. Okta’s quarterly revenue was up 11.5% compared to the same quarter last year. As a group, sell-side analysts predict that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

OKTA has been the subject of a number of research analyst reports. Scotiabank increased their price objective on shares of Okta from $109.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Wednesday, May 28th. Stifel Nicolaus increased their price objective on shares of Okta from $120.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, May 28th. Stephens reaffirmed an “equal weight” rating and set a $127.00 price objective on shares of Okta in a research report on Tuesday, May 27th. Loop Capital started coverage on shares of Okta in a report on Monday, May 5th. They set a “buy” rating and a $140.00 target price on the stock. Finally, BMO Capital Markets set a $132.00 price target on shares of Okta and gave the company a “market perform” rating in a research report 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. Based on data from MarketBeat.com, Okta currently has a consensus rating of “Moderate Buy” and a consensus price target of $121.59.

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.