MIG Capital LLC Invests $793,000 in Okta, Inc. $OKTA

MIG Capital LLC bought a new position in Okta, Inc. (NASDAQ:OKTA) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 7,539 shares of the company’s stock, valued at approximately $793,000.

A number of other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. grew its position in Okta by 3.4% during the 1st quarter. Vanguard Group Inc. now owns 17,792,886 shares of the company’s stock worth $1,872,167,000 after acquiring an additional 582,956 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Okta by 52.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,126 shares of the company’s stock valued at $956,000 after buying an additional 4,171 shares during the last quarter. Trek Financial LLC bought a new position in Okta in the 1st quarter valued at $426,000. Merit Financial Group LLC bought a new position in Okta in the 1st quarter valued at $823,000. Finally, Stephens Investment Management Group LLC boosted its position in Okta by 10.4% in the 1st quarter. Stephens Investment Management Group LLC now owns 499,125 shares of the company’s stock valued at $52,518,000 after buying an additional 46,818 shares during the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Price Performance

Shares of NASDAQ OKTA opened at $91.38 on Tuesday. The business’s 50 day moving average price is $96.32 and its two-hundred day moving average price is $102.63. The company has a market cap of $16.00 billion, a PE ratio of 145.05, a price-to-earnings-growth ratio of 4.45 and a beta of 0.80. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.05. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $127.57.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.09. The firm had revenue of $688.00 million for the quarter, compared to the consensus estimate of $680.14 million. Okta had a return on equity of 2.79% and a net margin of 4.85%. The business’s revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.65 earnings per share. On average, analysts predict that Okta, Inc. will post 0.42 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have commented on OKTA shares. UBS Group decreased their price objective on Okta from $150.00 to $130.00 and set a “buy” rating on the stock in a research report on Wednesday, May 28th. Stifel Nicolaus raised their price target on Okta from $120.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, May 28th. Westpark Capital restated a “buy” rating and issued a $140.00 price target on shares of Okta in a research report on Wednesday, May 28th. Roth Capital restated a “buy” rating and issued a $119.00 price target on shares of Okta in a research report on Wednesday, May 28th. Finally, The Goldman Sachs Group raised their price target on Okta from $123.00 to $137.00 and gave the stock a “buy” rating in a research report on Wednesday, May 28th. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $118.06.

Insider Activity at Okta

In other news, insider Eric Robert Kelleher sold 16,018 shares of the business’s stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $91.81, for a total transaction of $1,470,612.58. Following the completion of the sale, the insider owned 7,044 shares in the company, valued at $646,709.64. The trade was a 69.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CRO Jonathan James Addison sold 9,000 shares of the business’s stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $100.00, for a total value of $900,000.00. Following the sale, the executive owned 7,067 shares of the company’s stock, valued at approximately $706,700. This represents a 56.02% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 88,594 shares of company stock valued at $8,382,790. Insiders own 5.68% of the company’s stock.

Okta 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.