Barton Investment Management Acquires 11,043 Shares of Okta, Inc. (NASDAQ:OKTA)

Barton Investment Management lifted its position in shares of Okta, Inc. (NASDAQ:OKTAGet Rating) by 5.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 201,524 shares of the company’s stock after acquiring an additional 11,043 shares during the period. Okta accounts for 3.7% of Barton Investment Management’s portfolio, making the stock its 10th biggest holding. Barton Investment Management’s holdings in Okta were worth $18,218,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Deer Management Co. LLC bought a new position in Okta in the 4th quarter valued at about $614,155,000. Norges Bank bought a new position in Okta in the 4th quarter valued at about $240,716,000. Atreides Management LP bought a new position in Okta in the 4th quarter valued at about $174,716,000. Steadfast Capital Management LP grew its position in Okta by 5,021.3% in the 1st quarter. Steadfast Capital Management LP now owns 541,731 shares of the company’s stock valued at $81,780,000 after buying an additional 531,153 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in Okta in the 1st quarter valued at about $69,245,000. Institutional investors own 75.47% of the company’s stock.

Okta Price Performance

Shares of NASDAQ OKTA traded down $1.79 during midday trading on Friday, reaching $53.47. 70,778 shares of the company traded hands, compared to its average volume of 7,759,419. The firm has a market cap of $8.49 billion, a PE ratio of -9.07 and a beta of 1.08. The stock’s 50-day simple moving average is $86.94 and its 200-day simple moving average is $106.47. Okta, Inc. has a 12 month low of $55.22 and a 12 month high of $272.27. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.38 and a current ratio of 2.38.

Okta (NASDAQ:OKTAGet Rating) last announced its earnings results on Wednesday, August 31st. The company reported ($1.19) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.41) by $0.22. The company had revenue of $435.38 million during the quarter, compared to analyst estimates of $430.66 million. Okta had a negative return on equity of 13.18% and a negative net margin of 57.21%. The firm’s quarterly revenue was up 43.6% compared to the same quarter last year. During the same period last year, the company posted ($1.35) earnings per share. As a group, equities analysts anticipate that Okta, Inc. will post -5.15 earnings per share for the current fiscal year.

Insider Transactions at Okta

In other news, insider Ledger Susan St. sold 30,760 shares of Okta stock in a transaction dated Friday, September 16th. The stock was sold at an average price of $59.39, for a total transaction of $1,826,836.40. Following the transaction, the insider now owns 39,106 shares in the company, valued at approximately $2,322,505.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Okta news, CFO Brett Tighe sold 2,844 shares of the company’s stock in a transaction on Friday, September 16th. The stock was sold at an average price of $59.39, for a total value of $168,905.16. Following the transaction, the chief financial officer now directly owns 36,337 shares of the company’s stock, valued at approximately $2,158,054.43. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ledger Susan St. sold 30,760 shares of the company’s stock in a transaction on Friday, September 16th. The stock was sold at an average price of $59.39, for a total value of $1,826,836.40. Following the sale, the insider now owns 39,106 shares of the company’s stock, valued at $2,322,505.34. The disclosure for this sale can be found here. In the last ninety days, insiders sold 41,168 shares of company stock worth $2,449,229. 7.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. BMO Capital Markets assumed coverage on shares of Okta in a report on Thursday, September 1st. They issued a “buy” rating and a $94.00 price target for the company. Truist Financial cut their price target on shares of Okta from $140.00 to $100.00 and set a “hold” rating for the company in a report on Thursday, September 1st. Citigroup upped their price target on shares of Okta from $105.00 to $130.00 in a report on Friday, June 3rd. Jefferies Financial Group assumed coverage on shares of Okta in a report on Thursday, September 15th. They issued a “buy” rating and a $90.00 price target for the company. Finally, Wolfe Research cut their price target on shares of Okta from $108.00 to $100.00 and set an “outperform” rating for the company in a report on Thursday, September 1st. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $115.04.

Okta Profile

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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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Institutional Ownership by Quarter for Okta (NASDAQ:OKTA)

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