DNB Asset Management AS increases its equity position in Okta, Inc. (NASDAQ:OKTA)


DNB Asset Management AS increased its stake in Okta, Inc. (NASDAQ: OKTA – Get Rating) by 20.2% in Q1, according to the company in its latest SEC filing. The institutional investor held 23,705 shares of the company after acquiring an additional 3,984 shares during the quarter. DNB Asset Management AS’s holdings in Okta were worth $3,579,000 at the end of the last reporting period.

Other hedge funds and other institutional investors have also recently changed their holdings in the company. Quent Capital LLC purchased a new stake in Okta stock during the fourth quarter at a value of $182,000. Natixis Advisors LP purchased a new equity stake in Okta during the fourth quarter at a value of $2,440,000. MML Investors Services LLC increased its holdings of Okta shares by 1.0% during the fourth quarter. MML Investors Services LLC now owns 28,809 shares of the company worth $6,458,000 after purchasing an additional 279 shares last quarter. Frontier Capital Management Co. LLC increased its holdings of Okta shares by 3.7% during the fourth quarter. Frontier Capital Management Co. LLC now owns 370,859 shares of the company worth $83,135,000 after purchasing an additional 13,309 shares in the last quarter. Finally, Advisor Group Holdings Inc. increased its holdings of Okta shares by 6.2% during the fourth quarter. Advisor Group Holdings Inc. now owns 54,677 shares of the company worth $12,250,000 after buying 3,195 additional shares in the last quarter. 76.18% of the shares are held by institutional investors.

Several brokerages have recently weighed in on OKTA. Needham & Company LLC raised its price target on Okta shares from $108.00 to $135.00 and gave the company a “buy” rating in a Friday, June 3 research report. BTIG Research lowered its price target on Okta shares from $216.00 to $152.00 and placed a “buy” rating on the stock in a Friday, June 3 research report. Wells Fargo & Company raised its price target on Okta shares from $130.00 to $145.00 and gave the company an “overweight” rating in a Friday, June 3 research report. Oppenheimer lowered his price target on Okta shares from $210.00 to $170.00 and set an “outperform” rating on the stock in a Friday, June 3 research report. Finally, DA Davidson raised his price target on Okta shares from $125.00 to $140.00 and gave the company a “buy” rating in a Friday, June 3 research report. Seven analysts gave the stock a hold rating and twenty-one gave the company a buy rating. According to data from MarketBeat, Okta currently has a consensus rating of “Moderate Buy” and a consensus price target of $180.70.

Separately, General Counsel Jonathan T. Runyan sold 2,933 shares in a trade that took place on Thursday, June 16. The stock was sold at an average price of $79.97, for a total value of $234,552.01. Following the completion of the sale, the General Counsel now directly owns 587 shares of the company, valued at $46,942.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. Additionally, Ledger insider Susan St. sold 2,660 shares in a trade that took place on Thursday, June 16. The shares were sold at an average price of $79.97, for a total value of $212,720.20. Following the completion of the sale, the insider now directly owns 36,641 shares of the company, valued at $2,930,180.77. The disclosure of this sale can be found here. Insiders sold 16,442 shares of the company worth $1,318,711 during the last quarter. 7.60% of the shares are currently held by insiders.

Okta shares opened at $93.40 on Friday. The company has a market capitalization of $14.74 billion, a P/E ratio of -14.62 and a beta of 1.18. Okta, Inc. has a 52-week low of $77.01 and a 52-week high of $276.30. The company has a quick ratio of 2.45, a current ratio of 2.45 and a leverage ratio of 0.40. The company’s 50-day moving average is $100.88 and its two-hundred-day moving average is $155.99.

Okta (NASDAQ:OKTA – Get Rating) last announced its quarterly results on Thursday, June 2. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.34) by $0.07. The company posted revenue of $414.94 million for the quarter, versus analyst estimates of $388.77 million. Okta had a negative net margin of 67.06% and a negative return on equity of 13.13%. The company’s revenue increased 65.3% year over year. In the same period a year earlier, the company posted ($0.59) earnings per share. As a group, research analysts expect Okta, Inc. to post earnings per share of -5.57 for the current fiscal year.

About Okta (Get an assessment)

Okta, Inc provides identity solutions for enterprises, small and medium businesses, universities, non-profit organizations and government agencies in the United States and around the world. 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 for storing and securing user, application, and device profiles. devices of an organization; Single Sign-On that allows users to access cloud or on-premises applications from various devices; Adaptive multi-factor authentication provides a layer of security for cloud, mobile, web apps, and data; Lifecycle management which allows IT organizations or developers to manage a user’s identity throughout its lifecycle; API Access Management which allows organizations to secure APIs; Access Gateway which allows organizations to extend Okta Identity Cloud from the cloud to their existing on-premises applications; and Advanced Server Access to secure cloud infrastructure.

Further reading

Want to see what other hedge funds hold OKTA? Visit HoldingsChannel.com for the latest 13F filings and insider trading for Okta, Inc. (NASDAQ:OKTA – Get Rating).

Institutional ownership by quarter for Okta (NASDAQ:OKTA)



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