Okta, Inc. (NASDAQ:OKTA) Shares Acquired by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 105.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 358,182 shares of the company’s stock after buying an additional 184,107 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Okta were worth $26,627,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in OKTA. Caprock Group LLC lifted its holdings in shares of Okta by 4.7% during the second quarter. Caprock Group LLC now owns 2,856 shares of the company’s stock worth $267,000 after purchasing an additional 129 shares during the period. National Bank of Canada FI increased its position in Okta by 11.0% during the 2nd quarter. National Bank of Canada FI now owns 1,315 shares of the company’s stock worth $124,000 after purchasing an additional 130 shares during the period. EverSource Wealth Advisors LLC raised its position in Okta by 71.4% in the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after acquiring an additional 142 shares in the last quarter. CWM LLC increased its holdings in shares of Okta by 5.3% in the 2nd quarter. CWM LLC now owns 2,910 shares of the company’s stock valued at $272,000 after purchasing an additional 147 shares in the last quarter. Finally, Bleakley Financial Group LLC lifted its stake in shares of Okta by 4.6% in the third quarter. Bleakley Financial Group LLC now owns 4,114 shares of the company’s stock valued at $306,000 after purchasing an additional 182 shares during the period. Institutional investors and hedge funds own 86.64% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Todd Mckinnon sold 224,533 shares of the business’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $74.62, for a total value of $16,754,652.46. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Larissa Schwartz sold 2,790 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $74.01, for a total value of $206,487.90. Following the transaction, the insider now directly owns 27,713 shares of the company’s stock, valued at $2,051,039.13. This represents a 9.15 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 475,789 shares of company stock worth $35,701,361. 7.00% of the stock is owned by company insiders.

Okta Trading Down 1.1 %

Shares of NASDAQ OKTA opened at $73.69 on Thursday. Okta, Inc. has a 52-week low of $66.69 and a 52-week high of $114.50. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The firm’s 50-day moving average price is $74.63 and its two-hundred day moving average price is $85.72.

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

Analysts Set New Price Targets

Several analysts have weighed in on the company. Robert W. Baird lowered their target price on Okta from $105.00 to $95.00 and set an “outperform” rating on the stock in a report on Friday, October 18th. Susquehanna cut their price target on Okta from $110.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Barclays began coverage on shares of Okta in a research note on Tuesday. They set an “equal weight” rating and a $81.00 price target on the stock. Morgan Stanley decreased their price objective 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, BMO Capital Markets increased their target price on Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $98.30.

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.