Catalyst Capital Advisors LLC lowered its holdings in Okta, Inc. (NASDAQ:OKTA – Get Rating) by 12.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,644 shares of the company’s stock after selling 1,232 shares during the period. Catalyst Capital Advisors LLC’s holdings in Okta were worth $1,938,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Los Angeles Capital Management LLC grew its position in Okta by 4.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,828 shares of the company’s stock worth $434,000 after acquiring an additional 80 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Okta by 21.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 29,445 shares of the company’s stock worth $6,930,000 after buying an additional 5,288 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of Okta by 46.8% during the 3rd quarter. Mackenzie Financial Corp now owns 9,853 shares of the company’s stock worth $2,339,000 after buying an additional 3,143 shares during the period. First Horizon Advisors Inc. boosted its holdings in shares of Okta by 309.2% during the 3rd quarter. First Horizon Advisors Inc. now owns 2,365 shares of the company’s stock worth $195,000 after buying an additional 1,787 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in shares of Okta by 13.5% during the 3rd quarter. CIBC Asset Management Inc now owns 18,834 shares of the company’s stock worth $4,470,000 after buying an additional 2,237 shares during the period. 76.18% of the stock is currently owned by institutional investors.
A number of analysts have weighed in on the stock. DA Davidson reduced their price target on shares of Okta from $225.00 to $125.00 in a report on Thursday. Needham & Company LLC reduced their price target on shares of Okta from $320.00 to $235.00 and set a “buy” rating for the company in a report on Thursday, March 3rd. Raymond James downgraded shares of Okta from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 23rd. Morgan Stanley reduced their price target on shares of Okta from $270.00 to $200.00 and set an “overweight” rating for the company in a report on Wednesday, April 13th. Finally, Guggenheim reduced their price target on shares of Okta from $265.00 to $240.00 and set a “buy” rating for the company in a report on Friday, March 4th. Seven research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $223.78.
Okta (NASDAQ:OKTA – Get Rating) last posted its quarterly earnings data on Wednesday, March 2nd. The company reported ($1.20) earnings per share for the quarter, topping the consensus estimate of ($1.27) by $0.07. The firm had revenue of $383.02 million during the quarter, compared to analysts’ expectations of $359.46 million. Okta had a negative net margin of 65.25% and a negative return on equity of 13.61%. During the same quarter in the previous year, the company posted ($0.37) EPS. Equities analysts expect that Okta, Inc. will post -5.36 EPS for the current year.
In related news, CFO Brett Tighe sold 2,858 shares of the company’s stock in a transaction on Wednesday, March 16th. The shares were sold at an average price of $152.92, for a total value of $437,045.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ledger Susan St. sold 5,879 shares of the company’s stock in a transaction on Wednesday, March 16th. The stock was sold at an average price of $152.92, for a total transaction of $899,016.68. The disclosure for this sale can be found here. Insiders have sold a total of 19,537 shares of company stock valued at $2,984,147 in the last quarter. Corporate insiders own 9.60% of the company’s stock.
Okta Company Profile (Get Rating)
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 and services, 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 applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway that enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications; and Advanced Server Access to secure cloud infrastructure.
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