Pacific Wealth Strategies Group Inc. Purchases New Stake in Okta, Inc. (NASDAQ:OKTA)

Pacific Wealth Strategies Group Inc. purchased a new stake in Okta, Inc. (NASDAQ:OKTA) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 975 shares of the company’s stock, valued at approximately $247,000.

Other institutional investors have also bought and sold shares of the company. Neuberger Berman Group LLC boosted its position in Okta by 137.2% during the third quarter. Neuberger Berman Group LLC now owns 709,204 shares of the company’s stock worth $151,663,000 after purchasing an additional 410,210 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in Okta by 50.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 914,868 shares of the company’s stock worth $195,644,000 after purchasing an additional 306,924 shares in the last quarter. Jennison Associates LLC boosted its position in Okta by 206.5% during the third quarter. Jennison Associates LLC now owns 340,544 shares of the company’s stock worth $72,825,000 after purchasing an additional 229,441 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in Okta during the third quarter worth $30,886,000. Finally, Lord Abbett & CO. LLC purchased a new stake in Okta during the third quarter worth $29,353,000. Hedge funds and other institutional investors own 64.00% of the company’s stock.

NASDAQ:OKTA traded up $0.46 on Wednesday, hitting $256.60. 1,021,329 shares of the stock were exchanged, compared to its average volume of 1,649,635. The stock has a market cap of $33.22 billion, a PE ratio of -132.95 and a beta of 1.00. The company has a current ratio of 4.80, a quick ratio of 4.80 and a debt-to-equity ratio of 2.51. The stock has a fifty day moving average of $253.42 and a 200-day moving average of $224.37. Okta, Inc. has a fifty-two week low of $88.66 and a fifty-two week high of $287.35.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Tuesday, December 1st. The company reported $0.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.05. The company had revenue of $217.40 million during the quarter, compared to analyst estimates of $203.15 million. Okta had a negative return on equity of 31.29% and a negative net margin of 31.38%. The firm’s revenue was up 42.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.07) earnings per share. As a group, analysts predict that Okta, Inc. will post -1.31 earnings per share for the current year.

In other news, CAO Christopher K. Kramer sold 939 shares of the stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $237.70, for a total value of $223,200.30. Following the completion of the sale, the chief accounting officer now owns 5,601 shares in the company, valued at $1,331,357.70. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Charles Race sold 50,000 shares of the stock in a transaction dated Tuesday, November 10th. The shares were sold at an average price of $211.21, for a total value of $10,560,500.00. Following the completion of the sale, the insider now owns 68,638 shares of the company’s stock, valued at approximately $14,497,031.98. The disclosure for this sale can be found here. Insiders have sold 246,649 shares of company stock valued at $59,417,926 over the last 90 days. 12.02% of the stock is currently owned by insiders.

Several brokerages have recently issued reports on OKTA. DA Davidson upped their price objective on Okta from $250.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, December 4th. Pritchard Capital upped their price objective on Okta from $266.00 to $295.00 and gave the company a “buy” rating in a research report on Thursday, December 3rd. They noted that the move was a valuation call. JPMorgan Chase & Co. downgraded Okta from an “overweight” rating to a “neutral” rating and set a $258.00 price objective on the stock. in a research report on Wednesday, December 9th. Royal Bank of Canada restated a “buy” rating and issued a $255.00 price objective on shares of Okta in a research report on Sunday, November 29th. Finally, ValuEngine downgraded Okta from a “buy” rating to a “hold” rating in a research report on Tuesday, December 1st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have assigned a buy rating to the company. Okta has a consensus rating of “Buy” and an average price target of $243.80.

Okta Company Profile

Okta, Inc provides identity management platforms 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; and 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.

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Institutional Ownership by Quarter for Okta (NASDAQ:OKTA)

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