Sei Investments Co. Buys 6,014 Shares of Okta Inc (OKTA)
Sei Investments Co. grew its stake in shares of Okta Inc (NASDAQ:OKTA) by 8.9% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 73,414 shares of the company’s stock after purchasing an additional 6,014 shares during the period. Sei Investments Co. owned about 0.07% of Okta worth $3,698,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. TIAA CREF Investment Management LLC grew its stake in shares of Okta by 35.5% during the 4th quarter. TIAA CREF Investment Management LLC now owns 41,721 shares of the company’s stock worth $1,068,000 after purchasing an additional 10,941 shares during the period. HL Financial Services LLC acquired a new position in shares of Okta during the 1st quarter worth $778,000. Rhumbline Advisers grew its stake in shares of Okta by 12.2% during the 1st quarter. Rhumbline Advisers now owns 18,484 shares of the company’s stock worth $737,000 after purchasing an additional 2,015 shares during the period. Oppenheimer & Co. Inc. acquired a new position in shares of Okta during the 1st quarter worth $428,000. Finally, American Century Companies Inc. grew its stake in shares of Okta by 34.5% during the 1st quarter. American Century Companies Inc. now owns 55,399 shares of the company’s stock worth $2,208,000 after purchasing an additional 14,216 shares during the period. 60.19% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have recently weighed in on the stock. BidaskClub cut shares of Okta from a “buy” rating to a “hold” rating in a research note on Wednesday, August 1st. Canaccord Genuity upped their price target on shares of Okta from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, May 24th. SunTrust Banks upped their price target on shares of Okta from $45.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, June 7th. Needham & Company LLC cut shares of Okta from a “buy” rating to a “hold” rating and lowered their price target for the stock from $47.06 to $38.00 in a research note on Tuesday, June 5th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. upped their price target on shares of Okta to $63.00 and gave the stock an “overweight” rating in a research note on Thursday, June 7th. Sixteen equities research analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and an average target price of $57.58.
Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Wednesday, June 6th. The company reported ($0.09) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.16) by $0.07. The firm had revenue of $83.62 million for the quarter, compared to analysts’ expectations of $78.81 million. Okta had a negative net margin of 38.34% and a negative return on equity of 59.95%. The firm’s revenue was up 59.8% on a year-over-year basis. During the same period in the prior year, the company earned ($0.50) EPS. analysts predict that Okta Inc will post -1.21 earnings per share for the current fiscal year.
In other Okta news, General Counsel Jonathan T. Runyan sold 47,500 shares of the company’s stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $60.14, for a total value of $2,856,650.00. Following the transaction, the general counsel now directly owns 8,481 shares in the company, valued at approximately $510,047.34. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Jacques Frederic Kerrest sold 1,177 shares of the company’s stock in a transaction dated Tuesday, July 17th. The shares were sold at an average price of $54.97, for a total transaction of $64,699.69. The disclosure for this sale can be found here. Over the last three months, insiders sold 694,651 shares of company stock worth $37,684,868. 20.59% of the stock is owned by corporate insiders.
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 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; 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; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for Web and mobile applications, and data of organization; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; and Mobility Management, which simplifies and automates mobile device administration and provisioning across phones, tablets, and laptops.
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