Melqart Asset Management UK Ltd Grows Stock Holdings in Okta, Inc. (NASDAQ:OKTA)

Melqart Asset Management UK Ltd grew its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 752.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 29,000 shares of the company’s stock after buying an additional 25,600 shares during the period. Melqart Asset Management UK Ltd’s holdings in Okta were worth $6,392,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in OKTA. Eaton Vance Management grew its stake in shares of Okta by 1.0% during the 4th quarter. Eaton Vance Management now owns 357,654 shares of the company’s stock valued at $90,937,000 after buying an additional 3,478 shares during the period. Stifel Financial Corp lifted its holdings in shares of Okta by 8.1% during the 4th quarter. Stifel Financial Corp now owns 60,532 shares of the company’s stock valued at $15,392,000 after acquiring an additional 4,545 shares in the last quarter. American International Group Inc. lifted its holdings in shares of Okta by 254.2% during the 4th quarter. American International Group Inc. now owns 10,662 shares of the company’s stock valued at $2,711,000 after acquiring an additional 7,652 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Okta by 5.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 343,202 shares of the company’s stock valued at $87,263,000 after acquiring an additional 16,550 shares in the last quarter. Finally, First Foundation Advisors acquired a new position in shares of Okta during the 4th quarter valued at $248,000. 75.76% of the stock is owned by institutional investors.

A number of equities research analysts have recently issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Okta in a research note on Tuesday, July 13th. They issued a “buy” rating and a $312.00 target price on the stock. KeyCorp upped their target price on shares of Okta from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Thursday. BTIG Research raised shares of Okta from a “neutral” rating to a “buy” rating and set a $280.00 price objective for the company in a research report on Friday, April 9th. Mizuho boosted their price objective on shares of Okta from $255.00 to $275.00 and gave the company a “neutral” rating in a research report on Monday, July 12th. Finally, Zacks Investment Research cut shares of Okta from a “hold” rating to a “sell” rating in a research report on Wednesday, May 5th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the company. Okta presently has a consensus rating of “Buy” and an average target price of $275.00.

In other Okta news, CAO Christopher K. Kramer sold 3,333 shares of the stock in a transaction on Thursday, July 15th. The shares were sold at an average price of $242.94, for a total value of $809,719.02. Following the completion of the sale, the chief accounting officer now directly owns 13,142 shares of the company’s stock, valued at approximately $3,192,717.48. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Benjamin A. Horowitz sold 80,000 shares of the firm’s stock in a transaction dated Tuesday, July 6th. The stock was sold at an average price of $247.94, for a total transaction of $19,835,200.00. The disclosure for this sale can be found here. Insiders sold a total of 126,582 shares of company stock worth $30,671,067 over the last quarter. 9.60% of the stock is currently owned by company insiders.

Shares of OKTA traded up $2.64 during mid-day trading on Thursday, hitting $249.89. 30,489 shares of the company’s stock were exchanged, compared to its average volume of 1,234,427. The firm’s fifty day simple moving average is $234.29. Okta, Inc. has a twelve month low of $185.05 and a twelve month high of $294.00. The firm has a market capitalization of $33.13 billion, a PE ratio of -101.99 and a beta of 0.98. The company has a current ratio of 3.76, a quick ratio of 3.76 and a debt-to-equity ratio of 2.57.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Tuesday, May 25th. The company reported ($0.10) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.10. Okta had a negative net margin of 35.18% and a negative return on equity of 30.90%. The company had revenue of $251.01 million for the quarter, compared to analyst estimates of $238.56 million. As a group, equities research analysts forecast that Okta, Inc. will post -2.88 EPS for the current year.

About Okta

Okta, Inc provides identity management platform 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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