Maryland State Retirement & Pension System Purchases 530 Shares of Okta, Inc. (NASDAQ:OKTA)

Maryland State Retirement & Pension System boosted its position in Okta, Inc. (NASDAQ:OKTA) by 4.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,993 shares of the company’s stock after acquiring an additional 530 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Okta were worth $1,255,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. City State Bank lifted its position in shares of Okta by 160.0% in the 1st quarter. City State Bank now owns 260 shares of the company’s stock worth $27,000 after purchasing an additional 160 shares during the period. GAMMA Investing LLC acquired a new stake in Okta during the 4th quarter worth about $29,000. Principal Securities Inc. bought a new position in shares of Okta in the 4th quarter worth about $48,000. Future Financial Wealth Managment LLC acquired a new position in shares of Okta in the 1st quarter valued at about $63,000. Finally, UMB Bank n.a. boosted its position in shares of Okta by 150.5% during the 4th quarter. UMB Bank n.a. now owns 749 shares of the company’s stock valued at $68,000 after purchasing an additional 450 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Jacques Frederic Kerrest sold 18,878 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $87.19, for a total value of $1,645,972.82. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 22,530 shares of company stock valued at $1,980,733 in the last 90 days. Insiders own 7.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on OKTA shares. UBS Group lowered their target price on Okta from $130.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, May 30th. Needham & Company LLC reiterated a “buy” rating and set a $130.00 target price on shares of Okta in a research report on Thursday, May 30th. BMO Capital Markets cut their target price on shares of Okta from $110.00 to $100.00 and set a “market perform” rating on the stock in a research note on Monday, June 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $125.00 price target on shares of Okta in a research note on Monday, June 17th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Okta from $105.00 to $110.00 and gave the stock a “neutral” rating in a research report on Thursday, May 30th. Nineteen investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $105.58.

Okta Stock Performance

OKTA stock traded up $1.81 during mid-day trading on Friday, hitting $95.60. The company had a trading volume of 141,580 shares, compared to its average volume of 1,867,488. Okta, Inc. has a 12 month low of $65.04 and a 12 month high of $114.50. The stock’s fifty day moving average price is $93.43 and its two-hundred day moving average price is $93.11. The firm has a market cap of $16.08 billion, a PE ratio of -56.16 and a beta of 1.03. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.73 and a current ratio of 1.73.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Wednesday, May 29th. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.27. Okta had a negative net margin of 11.69% and a negative return on equity of 3.81%. The company had revenue of $617.00 million for the quarter, compared to analysts’ expectations of $604.33 million. On average, analysts forecast that Okta, Inc. will post -0.28 earnings per share for the current fiscal year.

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.