Perigon Wealth Management LLC Reduces Stock Holdings in Okta Inc (NASDAQ:OKTA)

Perigon Wealth Management LLC lowered its stake in Okta Inc (NASDAQ:OKTA) by 16.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,818 shares of the company’s stock after selling 350 shares during the quarter. Perigon Wealth Management LLC’s holdings in Okta were worth $364,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Invesco Ltd. grew its position in shares of Okta by 33.8% during the first quarter. Invesco Ltd. now owns 323,059 shares of the company’s stock worth $39,498,000 after acquiring an additional 81,624 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Okta by 0.3% during the first quarter. BlackRock Inc. now owns 7,688,692 shares of the company’s stock worth $940,021,000 after purchasing an additional 22,883 shares during the period. Cetera Investment Advisers lifted its holdings in shares of Okta by 2.4% during the first quarter. Cetera Investment Advisers now owns 4,279 shares of the company’s stock worth $523,000 after purchasing an additional 100 shares during the period. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Okta by 9.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 10,994 shares of the company’s stock worth $1,344,000 after purchasing an additional 928 shares during the period. Finally, Barnett & Company Inc. acquired a new stake in shares of Okta during the second quarter worth $54,000. 74.49% of the stock is currently owned by institutional investors.

Okta stock opened at $220.98 on Friday. The stock’s 50 day moving average price is $203.51 and its 200 day moving average price is $158.22. The company has a debt-to-equity ratio of 2.52, a current ratio of 2.86 and a quick ratio of 2.86. Okta Inc has a one year low of $88.66 and a one year high of $224.90.

Okta (NASDAQ:OKTA) last announced its earnings results on Thursday, May 28th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.17) by $0.10. Okta had a negative return on equity of 44.99% and a negative net margin of 33.34%. The company had revenue of $182.86 million for the quarter, compared to analyst estimates of $171.57 million. During the same period in the prior year, the company posted ($0.19) EPS. Okta’s quarterly revenue was up 46.0% on a year-over-year basis. As a group, research analysts predict that Okta Inc will post -1.51 earnings per share for the current year.

Several brokerages recently weighed in on OKTA. Oppenheimer increased their price target on Okta from $130.00 to $185.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. BidaskClub raised Okta from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 30th. JPMorgan Chase & Co. increased their price target on Okta from $154.00 to $192.00 and gave the stock an “overweight” rating in a report on Friday, May 29th. ValuEngine downgraded Okta from a “buy” rating to a “hold” rating in a report on Monday, May 4th. Finally, Zacks Investment Research downgraded Okta from a “hold” rating to a “sell” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Okta currently has an average rating of “Buy” and an average price target of $184.11.

In related news, CFO William E. Losch sold 30,000 shares of the company’s stock in a transaction on Monday, July 13th. The stock was sold at an average price of $211.17, for a total transaction of $6,335,100.00. Following the completion of the transaction, the chief financial officer now directly owns 47,270 shares in the company, valued at approximately $9,982,005.90. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Charles Race sold 50,000 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $172.49, for a total value of $8,624,500.00. Following the transaction, the insider now owns 65,401 shares of the company’s stock, valued at $11,281,018.49. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 498,696 shares of company stock worth $98,057,379. 12.02% of the stock is currently owned by corporate insiders.

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.

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Institutional Ownership by Quarter for Okta (NASDAQ:OKTA)

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