CIBC Asset Management Inc Acquires 6,154 Shares of Okta, Inc. (NASDAQ:OKTA)

CIBC Asset Management Inc increased its holdings in Okta, Inc. (NASDAQ:OKTAGet Rating) by 28.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,087 shares of the company’s stock after buying an additional 6,154 shares during the period. CIBC Asset Management Inc’s holdings in Okta were worth $4,240,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Addison Advisors LLC increased its position in shares of Okta by 121.4% during the first quarter. Addison Advisors LLC now owns 228 shares of the company’s stock worth $34,000 after purchasing an additional 125 shares in the last quarter. GoalVest Advisory LLC acquired a new position in shares of Okta during the first quarter worth $37,000. Aquire Wealth Advisors LLC acquired a new position in shares of Okta during the fourth quarter worth $45,000. Richelieu Gestion PLC acquired a new position in shares of Okta during the first quarter worth $51,000. Finally, Baldwin Brothers LLC MA increased its position in shares of Okta by 260.0% during the first quarter. Baldwin Brothers LLC MA now owns 360 shares of the company’s stock worth $54,000 after purchasing an additional 260 shares in the last quarter. Institutional investors own 76.18% of the company’s stock.

Okta Stock Up 0.4 %

OKTA stock opened at $104.47 on Friday. The company has a market cap of $16.48 billion, a price-to-earnings ratio of -16.35 and a beta of 1.05. The company has a current ratio of 2.45, a quick ratio of 2.45 and a debt-to-equity ratio of 0.40. Okta, Inc. has a 12 month low of $77.01 and a 12 month high of $276.30. The firm has a 50-day moving average of $94.73 and a two-hundred day moving average of $130.38.

Okta (NASDAQ:OKTAGet Rating) last released its quarterly earnings data on Thursday, June 2nd. The company reported ($1.36) EPS for the quarter, beating analysts’ consensus estimates of ($1.37) by $0.01. The company had revenue of $414.94 million during the quarter, compared to the consensus estimate of $388.77 million. Okta had a negative net margin of 67.06% and a negative return on equity of 13.13%. Okta’s quarterly revenue was up 65.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.59) EPS. As a group, analysts forecast that Okta, Inc. will post -5.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

OKTA has been the topic of a number of recent analyst reports. Summit Insights reaffirmed a “buy” rating on shares of Okta in a research report on Thursday, June 2nd. Oppenheimer cut their target price on Okta from $210.00 to $170.00 and set an “outperform” rating on the stock in a research report on Friday, June 3rd. Morgan Stanley cut their target price on Okta to $150.00 and set a “na” rating on the stock in a research report on Wednesday, May 18th. BMO Capital Markets upped their target price on Okta from $108.00 to $125.00 in a research report on Friday, June 3rd. Finally, Citigroup upped their target price on Okta from $105.00 to $130.00 in a research report on Friday, June 3rd. Seven analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $171.89.

Insider Transactions at Okta

In other news, CFO Brett Tighe sold 5,913 shares of the firm’s stock in a transaction that occurred on Thursday, June 16th. The shares were sold at an average price of $79.97, for a total transaction of $472,862.61. Following the completion of the sale, the chief financial officer now owns 31,189 shares in the company, valued at approximately $2,494,184.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Brett Tighe sold 5,913 shares of the stock in a transaction that occurred on Thursday, June 16th. The shares were sold at an average price of $79.97, for a total transaction of $472,862.61. Following the completion of the transaction, the chief financial officer now owns 31,189 shares of the company’s stock, valued at approximately $2,494,184.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd Mckinnon sold 4,005 shares of the stock in a transaction that occurred on Thursday, June 16th. The stock was sold at an average price of $79.97, for a total transaction of $320,279.85. Following the transaction, the chief executive officer now directly owns 11,474 shares of the company’s stock, valued at approximately $917,575.78. The disclosure for this sale can be found here. Insiders sold 16,442 shares of company stock worth $1,316,786 in the last 90 days. Insiders own 7.60% of the company’s stock.

Okta Company Profile

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Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products and services, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway that enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications; and Advanced Server Access to secure cloud infrastructure.

Further Reading

Institutional Ownership by Quarter for Okta (NASDAQ:OKTA)

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