Qsemble Capital Management LP Buys New Stake in Okta, Inc. (NASDAQ:OKTA)

Qsemble Capital Management LP purchased a new position in Okta, Inc. (NASDAQ:OKTA - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 25,067 shares of the company's stock, valued at approximately $1,863,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted its holdings in Okta by 71.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company's stock worth $36,000 after buying an additional 142 shares during the period. Future Financial Wealth Managment LLC purchased a new stake in shares of Okta during the third quarter worth about $26,000. Blue Trust Inc. raised its stake in Okta by 105.5% during the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company's stock valued at $28,000 after purchasing an additional 191 shares during the period. First Command Advisory Services Inc. purchased a new position in Okta in the 2nd quarter worth approximately $47,000. Finally, nVerses Capital LLC bought a new position in Okta in the 2nd quarter worth approximately $47,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Morgan Stanley lowered their target price on shares of Okta from $100.00 to $92.00 and set an "equal weight" rating on the stock in a report on Monday, November 4th. Jefferies Financial Group reduced their price objective on Okta from $100.00 to $85.00 and set a "hold" rating on the stock in a research note on Tuesday, September 24th. BTIG Research lowered their target price on Okta from $128.00 to $98.00 and set a "buy" rating for the company in a research report on Thursday, October 17th. Scotiabank reduced their price target on shares of Okta from $104.00 to $92.00 and set a "sector perform" rating on the stock in a research report on Thursday, August 29th. Finally, Needham & Company LLC began coverage on shares of Okta in a research note on Thursday, October 17th. They issued a "buy" rating and a $100.00 price objective for the company. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $98.30.

Insider Activity

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

Okta Trading Up 0.4 %

Shares of Okta stock traded up $0.33 on Tuesday, reaching $76.83. The company had a trading volume of 2,874,055 shares, compared to its average volume of 1,964,706. The firm's 50 day moving average price is $74.77 and its two-hundred day moving average price is $85.17. 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. The firm has a market cap of $13.05 billion, a PE ratio of -91.46, a PEG ratio of 18.75 and a beta of 1.02.

Okta (NASDAQ:OKTA - Get Free Report) last announced its earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $646.00 million during the quarter, compared to analysts' expectations of $632.24 million. Sell-side analysts predict that Okta, Inc. will post 0.19 earnings per share for the current fiscal year.

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.