Scalar Gauge Management LLC Acquires Shares of 70,000 Okta, Inc. (NASDAQ:OKTA)

Scalar Gauge Management LLC bought a new position in shares of Okta, Inc. (NASDAQ:OKTA) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 70,000 shares of the company’s stock, valued at approximately $5,204,000. Okta accounts for approximately 2.8% of Scalar Gauge Management LLC’s portfolio, making the stock its 12th biggest holding.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Twenty Acre Capital LP raised its position in Okta by 11.0% during the 3rd quarter. Twenty Acre Capital LP now owns 91,641 shares of the company’s stock valued at $6,813,000 after purchasing an additional 9,100 shares in the last quarter. Rockefeller Capital Management L.P. raised its holdings in shares of Okta by 2.5% in the third quarter. Rockefeller Capital Management L.P. now owns 58,105 shares of the company’s stock valued at $4,320,000 after acquiring an additional 1,441 shares in the last quarter. Vinva Investment Management Ltd raised its holdings in shares of Okta by 8.0% in the third quarter. Vinva Investment Management Ltd now owns 7,445 shares of the company’s stock valued at $551,000 after acquiring an additional 552 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Okta by 7.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock worth $8,813,000 after acquiring an additional 8,239 shares during the period. Finally, Blueshift Asset Management LLC purchased a new position in Okta during the 3rd quarter valued at about $998,000. Institutional investors own 86.64% of the company’s stock.

Okta Trading Up 1.5 %

Shares of NASDAQ:OKTA opened at $77.56 on Friday. The company has a market capitalization of $13.17 billion, a PE ratio of -92.33, a PEG ratio of 18.71 and a beta of 1.02. Okta, Inc. has a 12-month low of $66.69 and a 12-month high of $114.50. The business has a 50 day moving average of $74.90 and a two-hundred day moving average of $84.90. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18.

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

Insider Buying and Selling at Okta

In other news, insider Larissa Schwartz sold 2,790 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $74.01, for a total value of $206,487.90. Following the completion of the sale, the insider now directly owns 27,713 shares in the company, valued at $2,051,039.13. The trade was a 9.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CRO Jonathan James Addison sold 9,850 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $764,655.50. Following the transaction, the executive now owns 14,601 shares in the company, valued at $1,133,475.63. This trade represents a 40.28 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 475,789 shares of company stock valued at $35,701,361. Corporate insiders own 7.00% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Wells Fargo & Company lowered their price target on shares of Okta from $90.00 to $80.00 and set an “equal weight” rating for the company in a research report on Thursday, October 17th. BTIG Research dropped their price objective on Okta from $128.00 to $98.00 and set a “buy” rating on the stock in a research report on Thursday, October 17th. UBS Group reduced their target price on shares of Okta from $120.00 to $108.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Westpark Capital restated a “buy” rating and issued a $140.00 price target on shares of Okta in a report on Thursday, August 29th. Finally, Royal Bank of Canada reduced their price objective on shares of Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. One analyst has rated the stock with a sell rating, eighteen have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $97.63.

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.