Lisanti Capital Growth LLC lessened its stake in shares of Okta Inc (NASDAQ:OKTA) by 25.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,825 shares of the company’s stock after selling 3,724 shares during the period. Lisanti Capital Growth LLC’s holdings in Okta were worth $762,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Janney Montgomery Scott LLC grew its holdings in shares of Okta by 32.7% in the third quarter. Janney Montgomery Scott LLC now owns 11,889 shares of the company’s stock worth $837,000 after acquiring an additional 2,933 shares during the period. Los Angeles Capital Management & Equity Research Inc. grew its holdings in shares of Okta by 408.9% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 43,610 shares of the company’s stock worth $3,068,000 after acquiring an additional 35,040 shares during the period. CIBC Asset Management Inc bought a new stake in shares of Okta in the third quarter worth $254,000. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Okta by 25.9% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 8,379 shares of the company’s stock worth $590,000 after acquiring an additional 1,723 shares during the period. Finally, Wells Fargo & Company MN grew its holdings in shares of Okta by 64.1% in the third quarter. Wells Fargo & Company MN now owns 125,161 shares of the company’s stock worth $8,806,000 after acquiring an additional 48,908 shares during the period. 59.84% of the stock is owned by institutional investors.
OKTA has been the subject of several research analyst reports. Zacks Investment Research raised Okta from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a report on Wednesday, July 18th. BidaskClub lowered Okta from a “buy” rating to a “hold” rating in a report on Wednesday, August 1st. Monness Crespi & Hardt lifted their price objective on Okta from $62.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, September 7th. Oppenheimer lifted their price objective on Okta from $60.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, September 7th. Finally, KeyCorp lifted their price objective on Okta from $65.00 to $74.00 and gave the stock an “overweight” rating in a report on Friday, September 7th. Two analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Okta presently has a consensus rating of “Buy” and a consensus target price of $68.50.
Okta (NASDAQ:OKTA) last released its earnings results on Thursday, September 6th. The company reported ($0.15) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.36) by $0.21. The company had revenue of $94.59 million for the quarter, compared to the consensus estimate of $85.00 million. Okta had a negative return on equity of 56.91% and a negative net margin of 38.13%. Okta’s quarterly revenue was up 57.0% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.16) earnings per share. On average, sell-side analysts expect that Okta Inc will post -1.12 earnings per share for the current year.
In related news, Director Benjamin A. Horowitz sold 270,465 shares of Okta stock in a transaction on Friday, September 14th. The stock was sold at an average price of $72.66, for a total transaction of $19,651,986.90. Following the transaction, the director now directly owns 11,765 shares in the company, valued at $854,844.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd Mckinnon sold 225,000 shares of Okta stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $55.22, for a total value of $12,424,500.00. The disclosure for this sale can be found here. Insiders have sold 630,319 shares of company stock worth $40,437,266 over the last quarter. 20.59% of the stock is owned by company insiders.
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 to manage and secure identities, 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 their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for Web and mobile applications, and data of organization; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; and Mobility Management, which simplifies and automates mobile device administration and provisioning across phones, tablets, and laptops.
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