Scalar Gauge Management LLC Acquires Shares of 70,000 Okta, Inc. (NASDAQ:OKTA)

Scalar Gauge Management LLC bought a new position in shares of Okta, Inc. (NASDAQ:OKTA) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor bought 70,000 shares of the company’s stock, valued at approximately $5,204,000. Okta accounts for about 2.8% of Scalar Gauge Management LLC’s holdings, making the stock its 12th largest position.

Other large investors have also modified their holdings of the company. SG Americas Securities LLC increased its holdings in shares of Okta by 122.3% in the third 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 during the last quarter. Truist Financial Corp increased its stake in shares of Okta by 62.5% in the 2nd 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 during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Okta by 105.8% during 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 period. Charles Schwab Investment Management Inc. boosted 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 acquiring an additional 17,950 shares during the last quarter. Finally, Atria Wealth Solutions Inc. grew 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 purchasing an additional 4,932 shares during the period. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Price Performance

Shares of NASDAQ OKTA opened at $77.56 on Friday. The stock’s 50-day simple moving average is $74.90 and its 200-day simple moving average is $84.90. 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 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, Inc. has a fifty-two week low of $66.69 and a fifty-two week high of $114.50.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) 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 company had revenue of $646.00 million during the quarter, compared to the consensus estimate of $632.24 million. As a group, equities research analysts forecast that Okta, Inc. will post 0.19 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Needham & Company LLC assumed coverage on shares of Okta in a research note on Thursday, October 17th. They set a “buy” rating and a $100.00 target price on the stock. Citigroup lowered their price objective on Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. Mizuho cut their target price on Okta from $104.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday, October 17th. UBS Group decreased their price target on Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Finally, Jefferies Financial Group cut their price objective on Okta from $100.00 to $85.00 and set a “hold” rating for the company in a research report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $97.63.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 200,512 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the completion of the sale, the chief executive officer now directly owns 8,495 shares of the company’s stock, valued at approximately $638,908.95. This trade represents a 95.94 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Larissa Schwartz sold 2,791 shares of Okta stock in a transaction on Monday, November 4th. The shares were sold at an average price of $71.50, for a total transaction of $199,556.50. Following the completion of the transaction, the insider now owns 22,125 shares in the company, valued at approximately $1,581,937.50. This trade represents a 11.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 475,789 shares of company stock worth $35,701,361 in the last 90 days. 7.00% of the stock is owned by 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.