Firsthand Capital Management Inc. Purchases 9,420 Shares of Okta, Inc. (NASDAQ:OKTA)

Firsthand Capital Management Inc. raised its position in shares of Okta, Inc. (NASDAQ:OKTA) by 1,624.1% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 10,000 shares of the company’s stock after purchasing an additional 9,420 shares during the quarter. Okta accounts for about 1.5% of Firsthand Capital Management Inc.’s investment portfolio, making the stock its 21st biggest holding. Firsthand Capital Management Inc.’s holdings in Okta were worth $743,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. SG Americas Securities LLC grew its holdings in shares of Okta by 122.3% during the third quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock valued at $1,265,000 after buying an additional 9,364 shares during the last quarter. Truist Financial Corp boosted its stake in Okta by 62.5% during the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after purchasing an additional 200,770 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Okta by 105.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after purchasing an additional 184,107 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Okta by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock worth $79,503,000 after purchasing an additional 17,950 shares in the last quarter. Finally, Atria Wealth Solutions Inc. lifted its holdings in shares of Okta by 75.4% during the second quarter. Atria Wealth Solutions Inc. now owns 11,477 shares of the company’s stock valued at $1,074,000 after purchasing an additional 4,932 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Truist Financial decreased their target price on Okta from $95.00 to $80.00 and set a “hold” rating for the company in a research report on Thursday, October 17th. Wells Fargo & Company lowered their price objective on shares of Okta from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 17th. Stifel Nicolaus cut their target price on shares of Okta from $122.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Mizuho lowered their price target on Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a report on Thursday, October 17th. Finally, Morgan Stanley cut their price objective on Okta from $100.00 to $92.00 and set an “equal weight” rating for the company in a report on Monday, November 4th. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $97.63.

Okta Trading Up 1.5 %

Shares of NASDAQ OKTA opened at $77.56 on Friday. Okta, Inc. has a fifty-two week low of $66.69 and a fifty-two 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 has a market cap of $13.17 billion, a price-to-earnings ratio of -92.33, a PEG ratio of 18.71 and a beta of 1.02. The business’s 50 day moving average price is $74.90 and its 200-day moving average price is $84.90.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.29. The business had revenue of $646.00 million during 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%. On average, sell-side analysts expect that Okta, Inc. will post 0.19 earnings per share for the current year.

Insider Buying and Selling

In other Okta news, insider Larissa Schwartz sold 2,791 shares of the company’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the sale, the insider now directly owns 22,125 shares in the company, valued at approximately $1,581,937.50. This represents a 11.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd Mckinnon sold 224,533 shares of the firm’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $74.62, for a total value of $16,754,652.46. The disclosure for this sale can be found here. Insiders have sold 475,789 shares of company stock valued at $35,701,361 in the last 90 days. Company insiders own 7.00% of the company’s stock.

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.