Metropolitan Life Insurance Co NY grew its stake in Okta Inc (NASDAQ:OKTA) by 17.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,523 shares of the company’s stock after purchasing an additional 1,111 shares during the period. Metropolitan Life Insurance Co NY’s holdings in Okta were worth $741,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of OKTA. Man Group plc lifted its stake in shares of Okta by 123.3% in the 3rd quarter. Man Group plc now owns 39,067 shares of the company’s stock valued at $3,846,000 after purchasing an additional 21,574 shares during the period. Night Owl Capital Management LLC grew its position in Okta by 4.7% during the third quarter. Night Owl Capital Management LLC now owns 105,725 shares of the company’s stock valued at $10,410,000 after buying an additional 4,764 shares during the period. Voloridge Investment Management LLC grew its position in Okta by 74.1% during the third quarter. Voloridge Investment Management LLC now owns 172,825 shares of the company’s stock valued at $17,016,000 after buying an additional 73,546 shares during the period. Worldquant Millennium Advisors LLC purchased a new position in Okta in the third quarter valued at $15,563,000. Finally, GQ Asset Management LLC increased its holdings in Okta by 8.0% in the third quarter. GQ Asset Management LLC now owns 1,397 shares of the company’s stock valued at $138,000 after buying an additional 104 shares in the last quarter. 73.02% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have weighed in on OKTA. Morgan Stanley upped their price objective on shares of Okta from $117.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Friday. Guggenheim raised their target price on Okta from $125.00 to $152.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Piper Jaffray Companies lifted their price target on Okta from $135.00 to $140.00 and gave the company an “overweight” rating in a research note on Friday. DA Davidson raised Okta from a “neutral” rating to a “buy” rating and upped their price target for the stock from $131.00 to $135.00 in a report on Monday, November 18th. Finally, Cowen initiated coverage on Okta in a report on Wednesday, August 21st. They issued an “outperform” rating and a $150.00 price target for the company. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $133.72.
In other news, General Counsel Jonathan T. Runyan sold 707 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $102.57, for a total transaction of $72,516.99. Following the completion of the sale, the general counsel now owns 1,406 shares of the company’s stock, valued at $144,213.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jacques Frederic Kerrest sold 86,140 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $130.23, for a total transaction of $11,218,012.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 316,789 shares of company stock worth $37,578,628. Company insiders own 14.69% of the company’s stock.
Shares of Okta stock opened at $121.02 on Tuesday. The firm has a market capitalization of $13.81 billion, a PE ratio of -117.50 and a beta of 1.07. Okta Inc has a twelve month low of $52.05 and a twelve month high of $141.85. The firm’s 50-day moving average price is $116.30 and its 200 day moving average price is $120.78. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.57.
Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Thursday, December 5th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.12) by $0.05. Okta had a negative return on equity of 61.17% and a negative net margin of 35.43%. The company had revenue of $153.04 million for the quarter, compared to analysts’ expectations of $143.88 million. During the same period in the previous year, the firm posted ($0.04) EPS. Okta’s revenue was up 45.0% compared to the same quarter last year. On average, sell-side analysts predict that Okta Inc will post -1.42 EPS for the current fiscal year.
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 cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.
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