LLBH Private Wealth Management LLC decreased its holdings in shares of Okta Inc (NASDAQ:OKTA) by 11.4% during the first quarter, Holdings Channel reports. The institutional investor owned 16,147 shares of the company’s stock after selling 2,074 shares during the period. LLBH Private Wealth Management LLC’s holdings in Okta were worth $1,336,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Victory Capital Management Inc. bought a new position in shares of Okta during the fourth quarter valued at approximately $22,091,000. MUFG Securities EMEA plc bought a new position in Okta in the fourth quarter worth approximately $7,669,000. Brown Advisory Inc. grew its stake in Okta by 1.1% in the fourth quarter. Brown Advisory Inc. now owns 64,967 shares of the company’s stock worth $4,146,000 after purchasing an additional 697 shares in the last quarter. Ffcm LLC bought a new position in Okta in the fourth quarter worth approximately $36,000. Finally, Columbus Circle Investors bought a new position in Okta in the first quarter worth approximately $9,127,000. 64.83% of the stock is currently owned by hedge funds and other institutional investors.
In other Okta news, insider Charles Race sold 30,000 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $80.21, for a total transaction of $2,406,300.00. Following the completion of the sale, the insider now owns 32,536 shares in the company, valued at $2,609,712.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Benjamin A. Horowitz sold 48,897 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $106.15, for a total value of $5,190,416.55. Following the sale, the director now owns 11,765 shares of the company’s stock, valued at approximately $1,248,854.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 630,462 shares of company stock valued at $54,573,997. 14.69% of the stock is owned by company insiders.
Okta (NASDAQ:OKTA) last posted its earnings results on Thursday, March 7th. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.03. The company had revenue of $115.47 million during the quarter, compared to analyst estimates of $107.94 million. Okta had a negative return on equity of 44.56% and a negative net margin of 31.43%. As a group, equities analysts forecast that Okta Inc will post -1.38 EPS for the current year.
OKTA has been the topic of several research analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $105.00 price objective (up previously from $96.00) on shares of Okta in a research note on Thursday, April 4th. Mizuho initiated coverage on Okta in a research note on Tuesday, March 26th. They issued a “neutral” rating and a $85.00 price objective on the stock. Robert W. Baird reissued a “hold” rating on shares of Okta in a research note on Friday, March 8th. Monness Crespi & Hardt increased their price objective on Okta from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. Finally, SunTrust Banks cut Okta from a “buy” rating to a “hold” rating and increased their price objective for the stock from $74.00 to $90.00 in a research note on Monday, March 4th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $82.11.
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Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products to manage and secure identities, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.
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