Kentucky Retirement Systems Invests $1.16 Million in Okta, Inc. (NASDAQ:OKTA)

Kentucky Retirement Systems purchased a new position in shares of Okta, Inc. (NASDAQ:OKTA) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 11,050 shares of the company’s stock, valued at approximately $1,163,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Marshall Wace LLP raised its position in shares of Okta by 35.5% during the 4th quarter. Marshall Wace LLP now owns 3,583,937 shares of the company’s stock valued at $282,414,000 after purchasing an additional 938,509 shares during the period. Norges Bank bought a new stake in shares of Okta during the 4th quarter valued at $234,992,000. Geode Capital Management LLC raised its position in shares of Okta by 5.3% during the 4th quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company’s stock valued at $212,385,000 after purchasing an additional 135,110 shares during the period. Point72 Asset Management L.P. raised its position in shares of Okta by 236.8% during the 4th quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock valued at $176,271,000 after purchasing an additional 1,572,786 shares during the period. Finally, Ameriprise Financial Inc. raised its position in shares of Okta by 2,135.7% during the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock valued at $150,845,000 after purchasing an additional 1,828,630 shares during the period. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Price Performance

Okta stock opened at $98.53 on Wednesday. The stock has a market cap of $17.25 billion, a price-to-earnings ratio of 156.40, a price-to-earnings-growth ratio of 4.77 and a beta of 0.84. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.47 and a quick ratio of 1.47. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $127.57. The firm has a 50-day moving average of $109.12 and a two-hundred day moving average of $99.69.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.09. The company had revenue of $688.00 million during the quarter, compared to analysts’ expectations of $680.14 million. Okta had a net margin of 4.85% and a return on equity of 2.79%. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.65 EPS. On average, research analysts forecast that Okta, Inc. will post 0.42 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Jefferies Financial Group restated a “hold” rating and set a $135.00 price objective (up from $110.00) on shares of Okta in a research report on Friday, May 23rd. Mizuho decreased their price target on shares of Okta from $135.00 to $130.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 28th. Loop Capital began coverage on shares of Okta in a research note on Monday, May 5th. They issued a “buy” rating and a $140.00 price target on the stock. BTIG Research restated a “buy” rating on shares of Okta in a report on Thursday, May 22nd. Finally, Roth Capital restated a “buy” rating and issued a $119.00 target price on shares of Okta in a report on Wednesday, May 28th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, Okta has a consensus rating of “Moderate Buy” and an average target price of $121.59.

Insider Transactions at Okta

In related news, insider Larissa Schwartz sold 1,105 shares of the business’s stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $98.50, for a total transaction of $108,842.50. Following the completion of the transaction, the insider now owns 25,884 shares in the company, valued at $2,549,574. The trade was a 4.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jacques Frederic Kerrest sold 581 shares of the business’s stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $100.29, for a total transaction of $58,268.49. Following the transaction, the director now owns 2,832 shares of the company’s stock, valued at approximately $284,021.28. This trade represents a 17.02% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,935 shares of company stock valued at $1,100,347. Company insiders own 5.68% of the company’s stock.

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.