LB Partners LLC Buys Shares of 15,000 Okta, Inc. (NASDAQ:OKTA)

LB Partners LLC purchased a new position in shares of Okta, Inc. (NASDAQ:OKTA) during the third quarter, HoldingsChannel.com reports. The institutional investor purchased 15,000 shares of the company’s stock, valued at approximately $1,115,000. Okta accounts for 1.0% of LB Partners LLC’s investment portfolio, making the stock its 16th largest position.

Other large investors have also made changes to their positions in the company. 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 in the last quarter. Future Financial Wealth Managment LLC purchased a new stake in shares of Okta in the third quarter valued at $26,000. Blue Trust Inc. lifted its position in shares of Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after acquiring an additional 191 shares in the last quarter. First Command Advisory Services Inc. acquired a new stake in shares of Okta during the second quarter valued at $47,000. Finally, nVerses Capital LLC purchased a new stake in Okta during the 2nd quarter worth about $47,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Stock Down 0.7 %

Shares of Okta stock traded down $0.52 during trading hours on Monday, hitting $74.30. 586,781 shares of the company’s stock traded hands, compared to its average volume of 1,940,367. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta, Inc. has a twelve month low of $65.04 and a twelve month high of $114.50. The stock has a 50 day simple moving average of $80.44 and a 200-day simple moving average of $89.20. The company has a market cap of $12.50 billion, a PE ratio of -44.80, a PEG ratio of 18.05 and a beta of 1.02.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.29. The company had revenue of $646.00 million for the quarter, compared to the consensus estimate of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. Equities research analysts anticipate that Okta, Inc. will post 0.19 earnings per share for the current fiscal year.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 200,512 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the completion of the transaction, the chief executive officer now directly owns 8,495 shares of the company’s stock, valued at $638,908.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Okta news, 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 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 position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Todd Mckinnon sold 200,512 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $75.21, for a total value of $15,080,507.52. Following the completion of the sale, the chief executive officer now owns 8,495 shares of the company’s stock, valued at $638,908.95. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 251,260 shares of company stock valued at $19,004,347 over the last ninety days. Corporate insiders own 7.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on OKTA. Guggenheim reaffirmed a “buy” rating and set a $130.00 price target on shares of Okta in a research note on Tuesday, June 25th. BTIG Research lowered their target price on shares of Okta from $128.00 to $98.00 and set a “buy” rating for the company in a research note on Thursday. Susquehanna cut their price target on Okta from $110.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Wells Fargo & Company lowered their price objective on Okta from $90.00 to $80.00 and set an “equal weight” rating for the company in a research report on Thursday. Finally, Mizuho lowered their price target on Okta from $104.00 to $92.00 and set a “neutral” rating for the company in a report on Thursday. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $99.38.

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.