California State Teachers Retirement System lifted its stake in shares of Okta (NASDAQ:OKTA) by 40.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 30,679 shares of the company’s stock after purchasing an additional 8,779 shares during the quarter. California State Teachers Retirement System’s holdings in Okta were worth $786,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Trustees of Princeton University acquired a new stake in Okta in the fourth quarter valued at about $8,067,000. JPMorgan Chase & Co. boosted its stake in Okta by 5.4% in the third quarter. JPMorgan Chase & Co. now owns 1,010,369 shares of the company’s stock valued at $29,291,000 after buying an additional 51,761 shares in the last quarter. Brown Advisory Inc. acquired a new stake in Okta in the fourth quarter valued at about $3,397,000. Gilder Gagnon Howe & Co. LLC boosted its stake in Okta by 2.2% in the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 761,725 shares of the company’s stock valued at $19,508,000 after buying an additional 16,694 shares in the last quarter. Finally, Hamilton Lane Advisors LLC acquired a new stake in Okta in the fourth quarter valued at about $13,286,000. 38.06% of the stock is currently owned by institutional investors.
In other news, CFO William E. Losch sold 12,200 shares of the firm’s stock in a transaction dated Thursday, January 11th. The stock was sold at an average price of $26.48, for a total transaction of $323,056.00. Following the completion of the transaction, the chief financial officer now directly owns 12,200 shares in the company, valued at $323,056. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Todd Mckinnon sold 75,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $29.67, for a total value of $2,225,250.00. The disclosure for this sale can be found here. Insiders have sold 256,275 shares of company stock valued at $8,531,831 over the last 90 days.
Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Wednesday, March 7th. The company reported ($0.10) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.15) by $0.05. Okta had a negative return on equity of 65.56% and a negative net margin of 43.99%. The firm had revenue of $77.80 million for the quarter, compared to analyst estimates of $76.77 million. Okta’s revenue was up 59.4% compared to the same quarter last year. sell-side analysts anticipate that Okta will post -1.3 EPS for the current fiscal year.
Several research firms recently weighed in on OKTA. Deutsche Bank raised their price objective on Okta from $43.00 to $46.00 and gave the company a “buy” rating in a research note on Thursday, March 8th. Canaccord Genuity raised their price objective on Okta from $28.00 to $36.00 and gave the company a “hold” rating in a research note on Thursday, March 8th. SunTrust Banks raised their price objective on Okta to $45.00 and gave the company a “buy” rating in a research note on Thursday, March 8th. Needham & Company LLC lifted their price target on Okta from $38.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, March 8th. Finally, FBN Securities started coverage on Okta in a research note on Monday, January 22nd. They set an “outperform” rating and a $35.00 price target on the stock. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $42.09.
Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products to manage and secure identities, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for Web and mobile applications, and data of organization; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; and Mobility Management, which simplifies and automates mobile device administration and provisioning across phones, tablets, and laptops.
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