Truvestments Capital LLC Acquires 705 Shares of Okta, Inc. (NASDAQ:OKTA)

Truvestments Capital LLC boosted its stake in Okta, Inc. (NASDAQ:OKTA) by 24.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,547 shares of the company’s stock after acquiring an additional 705 shares during the period. Truvestments Capital LLC’s holdings in Okta were worth $264,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Future Financial Wealth Managment LLC bought a new stake in shares of Okta during the 3rd quarter valued at about $26,000. Blue Trust Inc. boosted its position in Okta by 105.5% during the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after acquiring an additional 191 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Okta by 71.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after acquiring an additional 142 shares during the period. First Command Advisory Services Inc. bought a new position in shares of Okta in the 2nd quarter worth approximately $47,000. Finally, nVerses Capital LLC bought a new position in shares of Okta in the 2nd quarter worth approximately $47,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Barclays initiated coverage on Okta in a research note on Tuesday, November 19th. They issued an “equal weight” rating and a $81.00 price target on the stock. Susquehanna reduced their target price on shares of Okta from $110.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Robert W. Baird lowered their price target on shares of Okta from $105.00 to $95.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. Needham & Company LLC assumed coverage on shares of Okta in a report on Thursday, October 17th. They issued a “buy” rating and a $100.00 price objective on the stock. Finally, DA Davidson lowered their target price on shares of Okta from $85.00 to $75.00 and set a “neutral” rating for the company in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $98.30.

Insiders Place Their Bets

In related news, CEO Todd Mckinnon sold 32,516 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $76.22, for a total transaction of $2,478,369.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Larissa Schwartz sold 2,791 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 22,125 shares in the company, valued at approximately $1,581,937.50. The trade was a 11.20 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 475,789 shares of company stock worth $35,701,361. Company insiders own 7.00% of the company’s stock.

Okta Stock Down 0.1 %

Okta stock opened at $76.50 on Tuesday. The stock has a market cap of $12.99 billion, a PE ratio of -91.07, a price-to-earnings-growth ratio of 18.75 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 stock has a fifty day moving average of $74.77 and a 200 day moving average of $85.17. Okta, Inc. has a one year low of $66.69 and a one year high of $114.50.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.29. The firm 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%. As a group, sell-side analysts predict that Okta, Inc. will post 0.19 EPS for the current 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.