78,461 Shares in Okta, Inc. (NASDAQ:OKTA) Purchased by Congress Asset Management Co.

Congress Asset Management Co. bought a new position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 78,461 shares of the company's stock, valued at approximately $5,833,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in OKTA. Financial Advocates Investment Management purchased a new position in Okta during the third quarter worth about $228,000. Asahi Life Asset Management CO. LTD. purchased a new position in Okta in the third quarter worth approximately $346,000. J.W. Cole Advisors Inc. acquired a new stake in Okta during the third quarter worth $214,000. Forsta AP Fonden raised its position in Okta by 25.2% in the third quarter. Forsta AP Fonden now owns 52,600 shares of the company's stock valued at $3,910,000 after purchasing an additional 10,600 shares during the period. Finally, Mediolanum International Funds Ltd acquired a new position in shares of Okta in the 3rd quarter valued at $581,000. Institutional investors and hedge funds own 86.64% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on OKTA. Bank of America cut shares of Okta from a "buy" rating to an "underperform" rating and decreased their target price for the company from $135.00 to $75.00 in a research report on Thursday, August 29th. Wells Fargo & Company lowered their price objective on shares of Okta from $90.00 to $80.00 and set an "equal weight" rating for the company in a research report on Thursday, October 17th. Canaccord Genuity Group cut their target price on Okta from $90.00 to $82.00 and set a "hold" rating on the stock in a research report on Friday, October 18th. UBS Group decreased their price target on Okta from $120.00 to $108.00 and set a "buy" rating on the stock in a research note on Thursday, August 29th. Finally, Mizuho dropped their price objective on Okta from $104.00 to $92.00 and set a "neutral" rating for the company in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $98.96.

Okta Stock Performance

Shares of Okta stock traded up $1.34 on Friday, hitting $73.23. The stock had a trading volume of 1,306,766 shares, compared to its average volume of 1,842,840. The stock has a market cap of $12.44 billion, a price-to-earnings ratio of -87.18, a P/E/G ratio of 16.64 and a beta of 1.01. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta, Inc. has a 52-week low of $65.04 and a 52-week high of $114.50. The company's 50 day moving average price is $75.79 and its 200 day moving average price is $87.41.

Okta (NASDAQ:OKTA - Get Free Report) last issued its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, beating analysts' consensus estimates of ($0.08) by $0.29. The company had revenue of $646.00 million during the quarter, compared to analysts' expectations of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. On average, research analysts anticipate that Okta, Inc. will post 0.19 EPS for the current year.

Insider Activity

In related news, insider Larissa Schwartz sold 2,795 shares of the firm's stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $92.02, for a total transaction of $257,195.90. Following the transaction, the insider now owns 27,014 shares of the company's stock, valued at $2,485,828.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Okta news, CEO Todd Mckinnon sold 224,533 shares of Okta stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $74.62, for a total value of $16,754,652.46. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Larissa Schwartz sold 2,795 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $92.02, for a total value of $257,195.90. Following the transaction, the insider now directly owns 27,014 shares of the company's stock, valued at approximately $2,485,828.28. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 475,793 shares of company stock valued at $35,759,000. Insiders own 7.00% 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.