Synovus Financial Corp Raises Stake in Okta Inc (NASDAQ:OKTA)

Synovus Financial Corp grew its stake in shares of Okta Inc (NASDAQ:OKTA) by 5.6% in the third quarter, Holdings Channel reports. The firm owned 5,788 shares of the company’s stock after acquiring an additional 308 shares during the period. Synovus Financial Corp’s holdings in Okta were worth $570,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Lindbrook Capital LLC boosted its stake in shares of Okta by 76.9% during the second quarter. Lindbrook Capital LLC now owns 230 shares of the company’s stock valued at $28,000 after purchasing an additional 100 shares during the period. Valeo Financial Advisors LLC boosted its stake in shares of Okta by 122.4% during the second quarter. Valeo Financial Advisors LLC now owns 238 shares of the company’s stock valued at $29,000 after purchasing an additional 131 shares during the period. Focused Wealth Management Inc purchased a new stake in shares of Okta during the second quarter valued at $30,000. Truewealth LLC purchased a new stake in shares of Okta during the second quarter valued at $33,000. Finally, CSat Investment Advisory L.P. purchased a new stake in shares of Okta during the second quarter valued at $34,000. 69.29% of the stock is owned by hedge funds and other institutional investors.

OKTA stock opened at $109.66 on Friday. The business has a 50-day moving average price of $107.72 and a 200 day moving average price of $118.09. The company has a market capitalization of $12.47 billion, a P/E ratio of -106.47 and a beta of 1.01. Okta Inc has a 1-year low of $41.88 and a 1-year high of $141.85. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.12 and a quick ratio of 1.12.

Okta (NASDAQ:OKTA) last issued its earnings results on Wednesday, August 28th. The company reported ($0.32) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.32). The firm had revenue of $140.48 million for the quarter, compared to analyst estimates of $131.19 million. Okta had a negative return on equity of 53.93% and a negative net margin of 31.90%. Okta’s revenue for the quarter was up 48.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.15) earnings per share. On average, analysts anticipate that Okta Inc will post -1.42 earnings per share for the current fiscal year.

In related news, Director Benjamin A. Horowitz sold 48,897 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $127.12, for a total value of $6,215,786.64. Following the sale, the director now owns 15,735 shares in the company, valued at $2,000,233.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Patrick W. Grady sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $130.74, for a total value of $13,074,000.00. Following the completion of the sale, the director now owns 383,669 shares in the company, valued at approximately $50,160,885.06. The disclosure for this sale can be found here. In the last quarter, insiders sold 364,416 shares of company stock worth $43,301,450. 14.69% of the stock is owned by insiders.

A number of analysts have recently issued reports on OKTA shares. Robert W. Baird set a $135.00 target price on shares of Okta and gave the company a “hold” rating in a research note on Friday, September 13th. BMO Capital Markets began coverage on Okta in a report on Thursday, August 1st. They issued a “market perform” rating and a $155.00 price objective for the company. Citigroup began coverage on Okta in a report on Monday, October 14th. They issued a “buy” rating and a $150.00 price objective for the company. Canaccord Genuity restated a “buy” rating and issued a $145.00 price objective (up from $125.00) on shares of Okta in a report on Thursday, August 29th. Finally, DA Davidson lifted their price objective on Okta from $114.00 to $131.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $130.26.

Okta Profile

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 cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.

See Also: Straddles

Want to see what other hedge funds are holding OKTA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Okta Inc (NASDAQ:OKTA).

Institutional Ownership by Quarter for Okta (NASDAQ:OKTA)

Receive News & Ratings for Okta Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Okta and related companies with MarketBeat.com's FREE daily email newsletter.