Avitas Wealth Management LLC Buys 3,231 Shares of Okta Inc (NASDAQ:OKTA)

Avitas Wealth Management LLC raised its position in shares of Okta Inc (NASDAQ:OKTA) by 40.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,122 shares of the company’s stock after acquiring an additional 3,231 shares during the quarter. Avitas Wealth Management LLC’s holdings in Okta were worth $2,227,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new position in Okta during the fourth quarter valued at approximately $110,294,000. 1832 Asset Management L.P. bought a new stake in shares of Okta in the 1st quarter worth about $67,392,000. Franklin Resources Inc. raised its position in shares of Okta by 98.2% during the 1st quarter. Franklin Resources Inc. now owns 1,014,710 shares of the company’s stock valued at $124,063,000 after buying an additional 502,817 shares in the last quarter. Morgan Stanley lifted its position in Okta by 3.7% in the first quarter. Morgan Stanley now owns 11,011,526 shares of the company’s stock worth $1,346,269,000 after buying an additional 395,715 shares during the last quarter. Finally, Advisor Group Holdings Inc. purchased a new position in Okta during the first quarter worth $5,493,000. Hedge funds and other institutional investors own 74.49% of the company’s stock.

OKTA has been the topic of several analyst reports. Mizuho upped their price target on shares of Okta from $165.00 to $178.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Morgan Stanley increased their price target on Okta from $131.00 to $173.00 and gave the stock an “equal weight” rating in a report on Friday, May 29th. Needham & Company LLC assumed coverage on Okta in a report on Friday, May 29th. They set a “hold” rating for the company. JPMorgan Chase & Co. upped their price objective on Okta from $154.00 to $192.00 and gave the company an “overweight” rating in a research report on Friday, May 29th. Finally, Goldman Sachs Group lifted their target price on Okta from $173.00 to $230.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $184.11.

In related news, Director Benjamin A. Horowitz sold 37,878 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $198.94, for a total transaction of $7,535,449.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Charles Race sold 50,000 shares of Okta stock in a transaction on Monday, May 11th. The stock was sold at an average price of $172.49, for a total value of $8,624,500.00. Following the completion of the transaction, the insider now owns 65,401 shares in the company, valued at $11,281,018.49. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 498,696 shares of company stock worth $98,057,379. 12.02% of the stock is owned by insiders.

NASDAQ OKTA traded up $1.66 during trading on Friday, reaching $220.98. 1,049,793 shares of the company’s stock were exchanged, compared to its average volume of 1,563,090. The company has a 50 day moving average price of $203.51 and a two-hundred day moving average price of $158.22. The stock has a market cap of $27.54 billion, a P/E ratio of -123.45 and a beta of 1.07. Okta Inc has a 1 year low of $88.66 and a 1 year high of $224.90. The company has a debt-to-equity ratio of 2.52, a quick ratio of 2.86 and a current ratio of 2.86.

Okta (NASDAQ:OKTA) last posted its earnings results on Thursday, May 28th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.10. Okta had a negative return on equity of 44.99% and a negative net margin of 33.34%. The firm had revenue of $182.86 million during the quarter, compared to analysts’ expectations of $171.57 million. During the same quarter in the previous year, the business earned ($0.19) earnings per share. The firm’s revenue was up 46.0% compared to the same quarter last year. Research analysts forecast that Okta Inc will post -1.51 EPS for the current fiscal year.

Okta Company Profile

Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products to manage and secure identities, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.

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Institutional Ownership by Quarter for Okta (NASDAQ:OKTA)

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