Congress Asset Management Co. Acquires Shares of 78,461 Okta, Inc. (NASDAQ:OKTA)

Congress Asset Management Co. bought a new stake in shares of Okta, Inc. (NASDAQ:OKTA) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 78,461 shares of the company’s stock, valued at approximately $5,833,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Marshall Wace LLP raised its holdings in Okta by 117.4% in the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after acquiring an additional 1,227,890 shares in the last quarter. Eminence Capital LP raised its stake in shares of Okta by 18.1% in the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after purchasing an additional 305,381 shares in the last quarter. Truist Financial Corp lifted its position in shares of Okta by 62.5% during the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after purchasing an additional 200,770 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Okta by 20.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock worth $96,388,000 after purchasing an additional 178,011 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA bought a new stake in Okta in the second quarter valued at about $12,617,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Westpark Capital reaffirmed a “buy” rating and set a $140.00 target price on shares of Okta in a report on Thursday, August 29th. Wells Fargo & Company decreased their price objective on shares of Okta from $90.00 to $80.00 and set an “equal weight” rating for the company in a report on Thursday, October 17th. The Goldman Sachs Group lowered their target price on shares of Okta from $113.00 to $97.00 and set a “buy” rating for the company in a research note on Tuesday, October 22nd. Scotiabank reduced their price target on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 29th. Finally, Canaccord Genuity Group lowered their price objective on shares of Okta from $90.00 to $82.00 and set a “hold” rating for the company in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $98.96.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 224,533 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $74.62, for a total transaction of $16,754,652.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Okta news, 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CRO Jonathan James Addison sold 9,850 shares of the stock in a transaction on Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $764,655.50. Following the completion of the sale, the executive now owns 14,601 shares of the company’s stock, valued at $1,133,475.63. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 475,793 shares of company stock worth $35,759,000 in the last quarter. 7.00% of the stock is owned by company insiders.

Okta Stock Performance

Shares of OKTA opened at $73.23 on Friday. Okta, Inc. has a 12-month low of $65.04 and a 12-month high of $114.50. The stock has a market capitalization of $12.44 billion, a P/E ratio of -87.18, a P/E/G ratio of 16.76 and a beta of 1.02. The firm’s 50 day moving average is $75.79 and its 200-day moving average is $87.41. 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 posted its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.29. The company had revenue of $646.00 million for the quarter, compared to analysts’ expectations of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. Equities research analysts anticipate that Okta, Inc. will post 0.19 EPS 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.