Quantbot Technologies LP Makes New $4.24 Million Investment in Okta, Inc. (NASDAQ:OKTA)

Quantbot Technologies LP acquired a new position in Okta, Inc. (NASDAQ:OKTA) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 57,057 shares of the company’s stock, valued at approximately $4,242,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in OKTA. Future Financial Wealth Managment LLC purchased a new position in Okta in the 3rd quarter valued at $26,000. Blue Trust Inc. raised its holdings in shares of Okta by 105.5% during the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after acquiring an additional 191 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Okta by 71.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after buying an additional 142 shares during the period. First Command Advisory Services Inc. purchased a new stake in Okta in the 2nd quarter valued at about $47,000. Finally, nVerses Capital LLC purchased a new stake in Okta in the 2nd quarter valued at about $47,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Stock Performance

Okta stock opened at $76.83 on Wednesday. Okta, Inc. has a 12 month low of $66.69 and a 12 month high of $114.50. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. The business has a 50 day simple moving average of $74.77 and a 200-day simple moving average of $85.17.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.29. The firm had revenue of $646.00 million during 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 year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OKTA. Truist Financial reduced their price objective on shares of Okta from $95.00 to $80.00 and set a “hold” rating on the stock in a report on Thursday, October 17th. Citigroup cut their price target on shares of Okta from $115.00 to $110.00 and set a “neutral” rating on the stock in a research note on Thursday, August 29th. Needham & Company LLC assumed coverage on shares of Okta in a research note on Thursday, October 17th. They set a “buy” rating and a $100.00 price target on the stock. Wells Fargo & Company cut their price target on shares of Okta from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 17th. Finally, Bank of America lowered shares of Okta from a “buy” rating to an “underperform” rating and cut their price target for the stock from $135.00 to $75.00 in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $98.30.

Insiders Place Their Bets

In other Okta news, CEO Todd Mckinnon sold 200,512 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $75.21, for a total value of $15,080,507.52. Following the sale, the chief executive officer now owns 8,495 shares of the company’s stock, valued at approximately $638,908.95. This represents a 95.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 2,790 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $74.01, for a total value of $206,487.90. Following the completion of the sale, the insider now directly owns 27,713 shares in the company, valued at $2,051,039.13. This trade represents a 9.15 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 475,789 shares of company stock worth $35,701,361. 7.00% of the stock is owned by corporate insiders.

Okta Profile

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.