Cynosure Group LLC Buys New Shares in Okta, Inc. (NASDAQ:OKTA)

Cynosure Group LLC purchased a new stake in shares of Okta, Inc. (NASDAQ:OKTA) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,972 shares of the company’s stock, valued at approximately $295,000.

A number of other hedge funds have also recently bought and sold shares of OKTA. Marshall Wace LLP raised its stake in Okta by 117.4% in the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after buying an additional 1,227,890 shares during the period. Eminence Capital LP raised its stake in Okta by 18.1% in the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after acquiring an additional 305,381 shares during the period. Robeco Institutional Asset Management B.V. boosted its position in Okta by 232.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock worth $29,479,000 after purchasing an additional 277,084 shares during the period. Truist Financial Corp increased its holdings in shares of Okta by 62.5% in the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after purchasing an additional 200,770 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Okta by 105.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after purchasing an additional 184,107 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Larissa Schwartz sold 2,790 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $74.01, for a total transaction of $206,487.90. Following the completion of the sale, the insider now directly owns 27,713 shares in the company, valued at $2,051,039.13. This represents a 9.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CRO Jonathan James Addison sold 9,850 shares of Okta stock in a transaction on Monday, October 14th. The stock was sold at an average price of $77.63, for a total transaction of $764,655.50. Following the transaction, the executive now directly owns 14,601 shares of the company’s stock, valued at $1,133,475.63. This represents a 40.28 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 475,789 shares of company stock valued at $35,701,361. Company insiders own 7.00% of the company’s stock.

Okta Price Performance

OKTA stock opened at $77.56 on Friday. The company has a market capitalization of $13.17 billion, a P/E ratio of -92.33, a PEG ratio of 18.71 and a beta of 1.02. The company has a fifty day moving average price of $74.90 and a 200-day moving average price of $84.90. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. Okta, Inc. has a 52-week low of $66.69 and a 52-week high of $114.50.

Okta (NASDAQ:OKTA) last announced its earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.29. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. The business had revenue of $646.00 million during the quarter, compared to analyst estimates of $632.24 million. As a group, equities analysts expect that Okta, Inc. will post 0.19 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Truist Financial reduced their target price on shares of Okta from $95.00 to $80.00 and set a “hold” rating for the company in a report on Thursday, October 17th. UBS Group decreased their target price on Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. JPMorgan Chase & Co. lowered their target price on Okta from $105.00 to $85.00 and set a “neutral” rating on the stock in a research note on Friday. Stifel Nicolaus dropped their price objective on shares of Okta from $122.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Finally, Bank of America cut Okta from a “buy” rating to an “underperform” rating and cut their price target for the company from $135.00 to $75.00 in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $97.63.

Okta Company Profile

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.