Cynosure Group LLC Makes New Investment in Okta, Inc. (NASDAQ:OKTA)

Cynosure Group LLC acquired a new position in shares of Okta, Inc. (NASDAQ:OKTA) during the third quarter, Holdings Channel reports. The fund acquired 3,972 shares of the company’s stock, valued at approximately $295,000.

Other large investors also recently made changes to their positions in the company. SG Americas Securities LLC increased its stake in Okta by 122.3% during the 3rd quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock valued at $1,265,000 after purchasing an additional 9,364 shares in the last quarter. Truist Financial Corp increased its position in shares of Okta by 62.5% during the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after acquiring an additional 200,770 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised 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 worth $26,627,000 after acquiring an additional 184,107 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Okta by 1.7% in 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 acquiring an additional 17,950 shares in the last quarter. Finally, Atria Wealth Solutions Inc. boosted its stake in Okta by 75.4% during the 2nd quarter. Atria Wealth Solutions Inc. now owns 11,477 shares of the company’s stock valued at $1,074,000 after purchasing an additional 4,932 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Okta Trading Up 1.5 %

Shares of OKTA stock opened at $77.56 on Friday. The company 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. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. The business’s fifty day moving average is $74.90 and its 200 day moving average is $84.90. Okta, Inc. has a 52-week low of $66.69 and a 52-week high of $114.50.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data 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 net margin of 5.55% and a negative return on equity of 1.10%. The firm had revenue of $646.00 million for the quarter, compared to analysts’ expectations of $632.24 million. On average, equities research analysts anticipate that Okta, Inc. will post 0.19 EPS for the current fiscal year.

Insider Activity at Okta

In other news, insider Larissa Schwartz sold 2,797 shares of the company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $217,131.11. Following the completion of the sale, the insider now owns 24,916 shares of the company’s stock, valued at approximately $1,934,229.08. This represents a 10.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 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 disclosure for this sale can be found here. Insiders have sold a total of 475,789 shares of company stock valued at $35,701,361 over the last 90 days. 7.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. BMO Capital Markets lifted their price objective on shares of Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a report on Thursday, August 29th. BTIG Research reduced their target price on Okta from $128.00 to $98.00 and set a “buy” rating for the company in a report on Thursday, October 17th. Royal Bank of Canada dropped their price target on Okta from $125.00 to $101.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Wells Fargo & Company reduced their price objective on Okta from $90.00 to $80.00 and set an “equal weight” rating for the company in a research note on Thursday, October 17th. Finally, DA Davidson lowered their target price on Okta from $85.00 to $75.00 and set a “neutral” rating on the stock in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Okta currently has a consensus rating of “Hold” and a consensus target price of $97.63.

Okta Company 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.