Cerity Partners LLC Purchases 36,936 Shares of Okta, Inc. (NASDAQ:OKTA)

Cerity Partners LLC grew its position in shares of Okta, Inc. (NASDAQ:OKTA) by 211.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 54,412 shares of the company’s stock after acquiring an additional 36,936 shares during the quarter. Cerity Partners LLC’s holdings in Okta were worth $4,045,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Eagle Asset Management Inc. lifted its position in Okta by 21.6% during the third quarter. Eagle Asset Management Inc. now owns 20,784 shares of the company’s stock valued at $1,595,000 after purchasing an additional 3,685 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Okta by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock valued at $79,503,000 after buying an additional 17,950 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of 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 acquiring an additional 184,107 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Okta in the third quarter worth about $307,000. Finally, Caprock Group LLC increased its stake in Okta by 32.6% during the third quarter. Caprock Group LLC now owns 3,786 shares of the company’s stock worth $281,000 after acquiring an additional 930 shares during the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on OKTA shares. Westpark Capital reiterated a “buy” rating and set a $140.00 price objective on shares of Okta in a research report on Thursday, August 29th. Royal Bank of Canada decreased their target price on Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. UBS Group dropped their price target on Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Robert W. Baird decreased their price objective on Okta from $105.00 to $95.00 and set an “outperform” rating for the company in a report on Friday, October 18th. Finally, Piper Sandler dropped their target price on shares of Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating and twelve 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 $97.63.

Okta Price Performance

Shares of OKTA opened at $77.56 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The company’s fifty day moving average price is $74.90 and its 200-day moving average price is $84.90. Okta, Inc. has a 1-year low of $66.69 and a 1-year high of $114.50. The firm has a market capitalization of $13.17 billion, a PE ratio of -92.33, a price-to-earnings-growth ratio of 18.71 and a beta of 1.02.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $646.00 million for the quarter, compared to the consensus estimate of $632.24 million. On average, equities research analysts predict that Okta, Inc. will post 0.19 EPS for the current year.

Insider Buying and Selling

In other news, CEO Todd Mckinnon sold 224,533 shares of the company’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $74.62, for a total value of $16,754,652.46. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Larissa Schwartz sold 2,791 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $71.50, for a total transaction of $199,556.50. Following the transaction, the insider now directly owns 22,125 shares of the company’s stock, valued at approximately $1,581,937.50. This trade represents a 11.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 475,789 shares of company stock valued at $35,701,361 over the last quarter. 7.00% of the stock is currently owned by company insiders.

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.