Planning Capital Management Corp Invests $49,000 in Okta, Inc. (NASDAQ:OKTA)

Planning Capital Management Corp acquired a new stake in Okta, Inc. (NASDAQ:OKTA) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 657 shares of the company’s stock, valued at approximately $49,000.

Other hedge funds have also added to or reduced their stakes in the company. SG Americas Securities LLC raised its position in shares of Okta by 122.3% during the third quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock worth $1,265,000 after purchasing an additional 9,364 shares during the period. Truist Financial Corp raised its holdings in Okta by 62.5% during the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after buying an additional 200,770 shares during the period. CANADA LIFE ASSURANCE Co lifted its stake in Okta by 14.0% in the first quarter. CANADA LIFE ASSURANCE Co now owns 229,105 shares of the company’s stock valued at $23,976,000 after buying an additional 28,183 shares in the last quarter. Atria Wealth Solutions Inc. boosted its holdings in shares of Okta by 75.4% in the second quarter. Atria Wealth Solutions Inc. now owns 11,477 shares of the company’s stock valued at $1,074,000 after buying an additional 4,932 shares during the period. Finally, Virtu Financial LLC bought a new stake in shares of Okta during the first quarter worth $1,172,000. Institutional investors and hedge funds own 86.64% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Needham & Company LLC began coverage on shares of Okta in a research note on Thursday, October 17th. They issued a “buy” rating and a $100.00 target price for the company. Piper Sandler decreased their price objective on Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, October 17th. BMO Capital Markets lifted their target price on Okta from $100.00 to $103.00 and gave the company a “market perform” rating in a research report on Thursday, August 29th. JPMorgan Chase & Co. reduced their price target on Okta from $110.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Okta from a “buy” rating to a “hold” rating and cut their price objective for the stock from $115.00 to $85.00 in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Okta currently has a consensus rating of “Hold” and an average price target of $98.90.

Okta Trading Down 1.9 %

Shares of NASDAQ OKTA opened at $76.93 on Friday. The business’s 50 day moving average is $74.50 and its 200-day moving average is $86.36. 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, Inc. has a 1-year low of $66.69 and a 1-year high of $114.50.

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

Insiders Place Their Bets

In other Okta news, CEO Todd Mckinnon sold 32,516 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $76.22, for a total transaction of $2,478,369.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Larissa Schwartz sold 2,791 shares of Okta stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $71.50, for a total value of $199,556.50. Following the transaction, the insider now directly owns 22,125 shares in the company, valued at $1,581,937.50. The trade was a 11.20 % 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 worth $35,701,361 in the last quarter. Corporate insiders own 7.00% of the company’s stock.

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.