Cerity Partners LLC Acquires 36,936 Shares of Okta, Inc. (NASDAQ:OKTA)

Cerity Partners LLC increased its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 211.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,412 shares of the company’s stock after acquiring an additional 36,936 shares during the period. Cerity Partners LLC’s holdings in Okta were worth $4,045,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in OKTA. Advisors Asset Management Inc. increased its position in Okta by 23.6% during the 1st quarter. Advisors Asset Management Inc. now owns 1,042 shares of the company’s stock valued at $109,000 after buying an additional 199 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Okta by 5.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 101,079 shares of the company’s stock valued at $10,575,000 after acquiring an additional 4,823 shares in the last quarter. Tidal Investments LLC raised its position in shares of Okta by 15.7% in the 1st quarter. Tidal Investments LLC now owns 5,405 shares of the company’s stock worth $565,000 after purchasing an additional 734 shares during the last quarter. Swedbank AB bought a new position in Okta in the 1st quarter worth about $8,422,000. Finally, Cetera Investment Advisers grew its position in Okta by 87.4% during the 1st quarter. Cetera Investment Advisers now owns 17,265 shares of the company’s stock valued at $1,806,000 after purchasing an additional 8,051 shares during the last quarter. Institutional investors own 86.64% of the company’s stock.

Insider Transactions at Okta

In other Okta news, insider Larissa Schwartz sold 2,790 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $74.01, for a total value of $206,487.90. Following the completion of the transaction, the insider now directly owns 27,713 shares in the company, valued at $2,051,039.13. This represents a 9.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Todd Mckinnon sold 224,533 shares of Okta stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $74.62, for a total transaction of $16,754,652.46. The disclosure for this sale can be found here. Insiders sold a total of 475,789 shares of company stock valued at $35,701,361 over the last 90 days. Company insiders own 7.00% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on OKTA. Royal Bank of Canada dropped their target price on shares of Okta from $125.00 to $101.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Susquehanna lowered their price objective on Okta from $110.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. The Goldman Sachs Group reduced their target price on Okta from $113.00 to $97.00 and set a “buy” rating for the company in a report on Tuesday, October 22nd. Morgan Stanley lowered their price target on Okta from $100.00 to $92.00 and set an “equal weight” rating on the stock in a report on Monday, November 4th. Finally, Needham & Company LLC assumed coverage on Okta in a report on Thursday, October 17th. They issued a “buy” rating and a $100.00 price objective for the company. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, Okta has a consensus rating of “Hold” and a consensus price target of $97.63.

Okta Stock Performance

Shares of NASDAQ OKTA opened at $77.56 on Friday. The stock has a market cap of $13.17 billion, a PE ratio of -92.33, a price-to-earnings-growth ratio of 18.71 and a beta of 1.02. Okta, Inc. has a 1 year low of $66.69 and a 1 year high of $114.50. The firm has a fifty day moving average price of $74.90 and a 200-day moving average price of $84.90. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. The business had revenue of $646.00 million during the quarter, compared to analyst estimates of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. Equities analysts anticipate that Okta, Inc. will post 0.19 earnings per share for the current fiscal year.

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.