Los Angeles Capital Management LLC Trims Holdings in Okta, Inc. (NASDAQ:OKTA)

Los Angeles Capital Management LLC lowered its position in Okta, Inc. (NASDAQ:OKTA) by 42.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 60,960 shares of the company’s stock after selling 44,805 shares during the period. Los Angeles Capital Management LLC’s holdings in Okta were worth $4,532,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Marshall Wace LLP boosted its holdings in shares of Okta by 117.4% in the 2nd 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 during the last quarter. Eminence Capital LP boosted its holdings in Okta by 18.1% in the second 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 during the last quarter. Robeco Institutional Asset Management B.V. grew its position in Okta by 232.0% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock worth $29,479,000 after purchasing an additional 277,084 shares during the period. Truist Financial Corp grew its position in Okta by 62.5% during the 2nd 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 period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Okta by 20.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock valued at $96,388,000 after buying an additional 178,011 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Analyst Ratings Changes

OKTA has been the topic of several analyst reports. Canaccord Genuity Group dropped their target price on Okta from $90.00 to $82.00 and set a “hold” rating on the stock in a report on Friday, October 18th. UBS Group cut their target price on shares of Okta from $120.00 to $108.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Bank of America downgraded shares of Okta from a “buy” rating to an “underperform” rating and lowered their price target for the stock from $135.00 to $75.00 in a report on Thursday, August 29th. Scotiabank cut their price objective on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a report on Thursday, August 29th. Finally, Piper Sandler lowered their target price on shares of Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $98.90.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 200,512 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $75.21, for a total value of $15,080,507.52. Following the completion of the transaction, the chief executive officer now owns 8,495 shares of the company’s stock, valued at $638,908.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CEO Todd Mckinnon sold 200,512 shares of the 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 directly owns 8,495 shares in the company, valued at approximately $638,908.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Jonathan James Addison sold 9,850 shares of Okta 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 transaction, the executive now owns 14,601 shares of the company’s stock, valued at approximately $1,133,475.63. This trade represents a 0.00 % decrease in their ownership of the stock. 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. Corporate insiders own 7.00% of the company’s stock.

Okta Stock Down 0.3 %

OKTA stock opened at $78.22 on Wednesday. Okta, Inc. has a one year low of $66.69 and a one year high of $114.50. The firm has a market cap of $13.29 billion, a PE ratio of -93.12, a PEG ratio of 17.55 and a beta of 1.02. The firm’s 50 day moving average price is $74.39 and its 200-day moving average price is $86.48. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83.

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

Okta Company 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.