Primecap Management Co. CA Sells 14,900 Shares of Okta, Inc. (NASDAQ:OKTA)

Primecap Management Co. CA lessened its holdings in Okta, Inc. (NASDAQ:OKTA) by 1.1% in the third quarter, HoldingsChannel reports. The fund owned 1,341,316 shares of the company’s stock after selling 14,900 shares during the period. Primecap Management Co. CA’s holdings in Okta were worth $99,713,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of OKTA. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Okta by 105.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after purchasing an additional 184,107 shares during the period. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Okta in the third quarter valued at approximately $307,000. Caprock Group LLC raised its position in shares of Okta by 32.6% in the third quarter. Caprock Group LLC now owns 3,786 shares of the company’s stock valued at $281,000 after buying an additional 930 shares in the last quarter. Quest Partners LLC boosted its stake in shares of Okta by 346.2% in the third quarter. Quest Partners LLC now owns 7,134 shares of the company’s stock valued at $530,000 after buying an additional 5,535 shares during the period. Finally, Swiss National Bank grew its position in Okta by 0.8% during the third quarter. Swiss National Bank now owns 477,700 shares of the company’s stock worth $35,512,000 after buying an additional 3,600 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OKTA has been the subject of a number of recent analyst reports. BMO Capital Markets upped their target price on Okta from $100.00 to $103.00 and gave the company a “market perform” rating in a research report on Thursday, August 29th. Scotiabank cut their price objective on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a research report on Thursday, August 29th. BTIG Research decreased their target price on shares of Okta from $128.00 to $98.00 and set a “buy” rating on the stock in a report on Thursday, October 17th. DA Davidson cut their price target on shares of Okta from $85.00 to $75.00 and set a “neutral” rating for the company in a report on Thursday, October 17th. Finally, Susquehanna decreased their price objective on shares of Okta from $110.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $98.30.

Insider Buying and Selling at Okta

In other news, CRO Jonathan James Addison sold 9,850 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $77.63, for a total value of $764,655.50. Following the transaction, the executive now directly owns 14,601 shares of the company’s stock, valued at $1,133,475.63. The trade was a 40.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Larissa Schwartz sold 2,791 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $71.50, for a total value of $199,556.50. Following the sale, the insider now directly owns 22,125 shares of the company’s stock, valued at $1,581,937.50. This represents a 11.20 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 475,789 shares of company stock valued at $35,701,361. 7.00% of the stock is currently owned by company insiders.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $75.45 on Friday. The firm has a market cap of $12.82 billion, a PE ratio of -89.82, a price-to-earnings-growth ratio of 18.24 and a beta of 1.02. Okta, Inc. has a 52 week low of $66.69 and a 52 week high of $114.50. The firm’s fifty day moving average is $74.67 and its 200-day moving average is $85.65. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.29. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. The firm had revenue of $646.00 million for the quarter, compared to analyst estimates of $632.24 million. Sell-side analysts predict that Okta, Inc. will post 0.19 earnings per share for the current year.

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.