Barton Investment Management lifted its position in shares of Okta, Inc. (NASDAQ:OKTA – Get Rating) by 5.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 201,524 shares of the company’s stock after purchasing an additional 11,043 shares during the period. Okta comprises 3.7% of Barton Investment Management’s portfolio, making the stock its 10th largest position. Barton Investment Management owned 0.13% of Okta worth $18,218,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in the stock. IFM Investors Pty Ltd increased its stake in Okta by 4.5% during the second quarter. IFM Investors Pty Ltd now owns 25,207 shares of the company’s stock valued at $2,279,000 after purchasing an additional 1,091 shares during the last quarter. Private Advisor Group LLC grew its position in shares of Okta by 86.0% during the second quarter. Private Advisor Group LLC now owns 7,647 shares of the company’s stock worth $691,000 after acquiring an additional 3,536 shares during the last quarter. Carnegie Capital Asset Management LLC grew its position in Okta by 450.6% in the 2nd quarter. Carnegie Capital Asset Management LLC now owns 56,176 shares of the company’s stock valued at $13,745,000 after buying an additional 45,974 shares in the last quarter. Blue Zone Wealth Advisors LLC grew its position in Okta by 2.8% in the 2nd quarter. Blue Zone Wealth Advisors LLC now owns 14,830 shares of the company’s stock valued at $1,341,000 after buying an additional 398 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its holdings in Okta by 23.9% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 17,504 shares of the company’s stock valued at $1,582,000 after acquiring an additional 3,382 shares during the last quarter. 75.47% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
OKTA has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft cut their price target on shares of Okta from $130.00 to $90.00 and set a “buy” rating for the company in a report on Tuesday, September 6th. Jefferies Financial Group started coverage on shares of Okta in a research report on Thursday, September 15th. They issued a “buy” rating and a $90.00 price target for the company. Piper Sandler dropped their price objective on Okta from $130.00 to $125.00 and set an “overweight” rating on the stock in a report on Thursday, September 1st. Guggenheim upgraded Okta from a “sell” rating to a “neutral” rating and lowered their price target for the company from $89.00 to $65.00 in a report on Friday, September 2nd. Finally, Moffett Nathanson began coverage on Okta in a research report on Thursday. They issued a “sell” rating and a $71.00 price objective for the company. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $115.04.
Okta Stock Down 3.2 %
Okta (NASDAQ:OKTA – Get Rating) last announced its earnings results on Wednesday, August 31st. The company reported ($1.19) EPS for the quarter, topping analysts’ consensus estimates of ($1.41) by $0.22. The company had revenue of $435.38 million for the quarter, compared to analysts’ expectations of $430.66 million. Okta had a negative return on equity of 13.18% and a negative net margin of 57.21%. Okta’s revenue for the quarter was up 43.6% compared to the same quarter last year. During the same period last year, the firm earned ($1.35) EPS. On average, equities analysts predict that Okta, Inc. will post -5.15 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, CFO Brett Tighe sold 2,844 shares of Okta stock in a transaction that occurred on Friday, September 16th. The shares were sold at an average price of $59.39, for a total transaction of $168,905.16. Following the completion of the sale, the chief financial officer now owns 36,337 shares of the company’s stock, valued at $2,158,054.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, General Counsel Jonathan T. Runyan sold 3,143 shares of the business’s stock in a transaction on Friday, September 16th. The shares were sold at an average price of $59.39, for a total transaction of $186,662.77. Following the sale, the general counsel now directly owns 446 shares of the company’s stock, valued at $26,487.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Brett Tighe sold 2,844 shares of the business’s stock in a transaction on Friday, September 16th. The shares were sold at an average price of $59.39, for a total transaction of $168,905.16. Following the transaction, the chief financial officer now owns 36,337 shares of the company’s stock, valued at $2,158,054.43. The disclosure for this sale can be found here. Insiders sold a total of 41,168 shares of company stock valued at $2,449,229 over the last 90 days. Insiders own 7.60% of the company’s stock.
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 and services, 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 applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway that enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications; and Advanced Server Access to secure cloud infrastructure.
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