Covestor Ltd Purchases 224 Shares of Okta, Inc. (NASDAQ:OKTA) (2024)

Covestor Ltd grew its position in Okta, Inc. (NASDAQ:OKTA – Free Report) by 25.9% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,088 shares of the company’s stock after buying an additional 224 shares during the period. Covestor Ltd’s holdings in Okta were worth $114,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of OKTA. City State Bank grew its holdings in Okta by 160.0% in the first quarter. City State Bank now owns 260 shares of the company’s stock worth $27,000 after purchasing an additional 160 shares during the last quarter. GAMMA Investing LLC acquired a new position in Okta during the 4th quarter valued at about $29,000. Venturi Wealth Management LLC increased its position in Okta by 50.4% during the 1st quarter. Venturi Wealth Management LLC now owns 391 shares of the company’s stock valued at $41,000 after buying an additional 131 shares in the last quarter. Principal Securities Inc. purchased a new stake in Okta in the fourth quarter valued at about $48,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in Okta in the first quarter worth about $63,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Insiders Place Their Bets

In other news, Director Jacques Frederic Kerrest sold 34,620 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $96.04, for a total value of $3,324,904.80. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Jacques Frederic Kerrest sold 34,620 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $96.04, for a total value of $3,324,904.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Larissa Schwartz sold 2,792 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $99.40, for a total transaction of $277,524.80. Following the completion of the transaction, the insider now directly owns 29,809 shares in the company, valued at $2,963,014.60. The disclosure for this sale can be found here. In the last three months, insiders sold 89,840 shares of company stock worth $8,566,381. Corporate insiders own 7.00% of the company’s stock.

Okta Price Performance

Shares of OKTA stock traded up $0.92 during trading hours on Tuesday, hitting $95.94. 378,640 shares of the company’s stock were exchanged, compared to its average volume of 1,845,343. The firm has a 50 day moving average of $93.36 and a two-hundred day moving average of $93.83. Okta, Inc. has a fifty-two week low of $65.04 and a fifty-two week high of $114.50. The firm has a market cap of $16.14 billion, a P/E ratio of -57.71 and a beta of 1.03. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.19.

Okta (NASDAQ:OKTA – Get Free Report) last posted its quarterly earnings data on Wednesday, May 29th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.27. Okta had a negative net margin of 11.69% and a negative return on equity of 3.81%. The company had revenue of $617.00 million during the quarter, compared to analysts’ expectations of $604.33 million. Sell-side analysts forecast that Okta, Inc. will post -0.28 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on OKTA. UBS Group decreased their price objective on shares of Okta from $130.00 to $120.00 and set a “buy” rating for the company in a research report on Thursday, May 30th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $125.00 price target on shares of Okta in a report on Monday, June 17th. Needham & Company LLC reissued a “buy” rating and set a $130.00 price objective on shares of Okta in a report on Thursday, May 30th. Evercore ISI upgraded Okta from an “in-line” rating to an “outperform” rating and raised their target price for the stock from $102.00 to $122.00 in a research note on Thursday, May 30th. Finally, Wedbush reiterated an “outperform” rating and set a $130.00 price target on shares of Okta in a research note on Wednesday, May 29th. Nineteen research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $105.58.

Get Our Latest Analysis on OKTA

About Okta

(Free Report)

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.

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