Brooklyn Investment Group Takes Position in Okta, Inc. (NASDAQ:OKTA)

Brooklyn Investment Group purchased a new stake in Okta, Inc. (NASDAQ:OKTA) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 717 shares of the company’s stock, valued at approximately $53,000.

A number of other large investors have also recently added to or reduced their stakes in the stock. Marshall Wace LLP boosted its stake in Okta by 117.4% during the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after acquiring an additional 1,227,890 shares during the last quarter. Eminence Capital LP boosted its stake in Okta by 18.1% during the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after acquiring an additional 305,381 shares during the last quarter. Primecap Management Co. CA lifted its position in shares of Okta by 0.8% in the 2nd quarter. Primecap Management Co. CA now owns 1,356,216 shares of the company’s stock worth $126,955,000 after buying an additional 10,800 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Okta by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock worth $79,503,000 after buying an additional 17,950 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Okta by 20.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock worth $96,388,000 after buying an additional 178,011 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors.

Insider Transactions at Okta

In other Okta news, CRO Jonathan James Addison sold 9,850 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $764,655.50. Following the completion of the transaction, the executive now directly owns 14,601 shares in the company, valued at $1,133,475.63. This trade represents a 40.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Todd Mckinnon sold 200,512 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the completion of the transaction, the chief executive officer now owns 8,495 shares of the company’s stock, valued at approximately $638,908.95. The trade was a 95.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 475,789 shares of company stock valued at $35,701,361 in the last quarter. Insiders own 7.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Westpark Capital restated a “buy” rating and issued a $140.00 price target on shares of Okta in a research report on Thursday, August 29th. BMO Capital Markets raised their price target on shares of Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a research report on Thursday, August 29th. Piper Sandler reduced their price target on shares of Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, October 17th. Stifel Nicolaus reduced their price target on shares of Okta from $122.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Finally, UBS Group reduced their price target on shares of Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. One research 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 stock presently has an average rating of “Hold” and an average target price of $97.63.

Okta Stock Performance

Shares of OKTA opened at $77.56 on Friday. The firm’s 50 day moving average is $74.90 and its 200-day moving average is $84.90. The stock has a market capitalization of $13.17 billion, a P/E ratio of -92.33, a P/E/G ratio of 18.71 and a beta of 1.02. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. Okta, Inc. has a 12-month low of $66.69 and a 12-month high of $114.50.

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

About Okta

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.