Quantbot Technologies LP Takes $4.24 Million Position in Okta, Inc. (NASDAQ:OKTA)

Quantbot Technologies LP purchased a new position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 57,057 shares of the company's stock, valued at approximately $4,242,000.

Several other institutional investors have also recently made changes to their positions in the stock. Caprock Group LLC raised its holdings in shares of Okta by 4.7% in the 2nd quarter. Caprock Group LLC now owns 2,856 shares of the company's stock valued at $267,000 after purchasing an additional 129 shares during the period. National Bank of Canada FI lifted its holdings in Okta by 11.0% during the 2nd quarter. National Bank of Canada FI now owns 1,315 shares of the company's stock valued at $124,000 after purchasing an additional 130 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Okta by 71.4% during the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company's stock worth $36,000 after purchasing an additional 142 shares during the period. CWM LLC increased its holdings in shares of Okta by 5.3% in the second quarter. CWM LLC now owns 2,910 shares of the company's stock valued at $272,000 after purchasing an additional 147 shares during the last quarter. Finally, Bleakley Financial Group LLC raised its position in shares of Okta by 4.6% in the third quarter. Bleakley Financial Group LLC now owns 4,114 shares of the company's stock valued at $306,000 after purchasing an additional 182 shares during the period. Institutional investors and hedge funds own 86.64% of the company's stock.

Insider Activity

In other news, CEO Todd Mckinnon sold 224,533 shares of the firm's stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available through this link. Also, insider Larissa Schwartz sold 2,790 shares of the company's stock in a transaction that occurred on 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 in the company, valued at approximately $2,051,039.13. This trade represents a 9.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 475,789 shares of company stock worth $35,701,361 in the last quarter. 7.00% of the stock is owned by corporate insiders.

Okta Stock Performance

Shares of OKTA stock traded up $0.33 during mid-day trading on Wednesday, hitting $76.83. The company's stock had a trading volume of 2,875,513 shares, compared to its average volume of 2,201,149. Okta, Inc. has a 52 week low of $66.69 and a 52 week high of $114.50. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. The company's fifty day simple moving average is $74.77 and its 200-day simple moving average is $85.17.

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

Analysts Set New Price Targets

A number of research analysts recently commented on OKTA shares. DA Davidson decreased their price target on shares of Okta from $85.00 to $75.00 and set a "neutral" rating on the stock in a research note on Thursday, October 17th. Needham & Company LLC began coverage on shares of Okta in a report on Thursday, October 17th. They issued a "buy" rating and a $100.00 price objective for the company. Piper Sandler reduced their target price on Okta from $100.00 to $85.00 and set a "neutral" rating on the stock in a report on Thursday, October 17th. Susquehanna decreased their price objective on shares of Okta from $110.00 to $85.00 and set a "neutral" rating on the stock in a research note on Thursday, September 5th. Finally, Bank of America downgraded Okta from a "buy" rating to an "underperform" rating and lowered their target price for the stock from $135.00 to $75.00 in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Okta has an average rating of "Hold" and an average target price of $98.30.

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.