City State Bank Increases Stock Position in Okta, Inc. (NASDAQ:OKTA) (2024)

City State Bank lifted its stake in Okta, Inc. (NASDAQ:OKTA – Free Report) by 160.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 260 shares of the company’s stock after purchasing an additional 160 shares during the period. City State Bank’s holdings in Okta were worth $27,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Okta by 2.9% in the 4th quarter. Vanguard Group Inc. now owns 15,719,619 shares of the company’s stock worth $1,423,097,000 after purchasing an additional 438,496 shares during the period. Sands Capital Management LLC lifted its position in shares of Okta by 42.3% in the 4th quarter. Sands Capital Management LLC now owns 8,358,414 shares of the company’s stock worth $756,687,000 after purchasing an additional 2,486,456 shares during the period. First Trust Advisors LP lifted its position in shares of Okta by 28.1% in the 4th quarter. First Trust Advisors LP now owns 4,085,430 shares of the company’s stock worth $369,854,000 after purchasing an additional 897,216 shares during the period. Cerity Partners LLC lifted its position in shares of Okta by 6,192.3% in the 4th quarter. Cerity Partners LLC now owns 3,172,223 shares of the company’s stock worth $287,181,000 after purchasing an additional 3,121,809 shares during the period. Finally, Eminence Capital LP increased its stake in shares of Okta by 19.4% in the 4th quarter. Eminence Capital LP now owns 1,910,621 shares of the company’s stock worth $172,969,000 after acquiring an additional 310,918 shares in the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $86.91 on Monday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.73 and a quick ratio of 1.73. Okta, Inc. has a 1-year low of $65.04 and a 1-year high of $114.50. The company has a market capitalization of $14.62 billion, a P/E ratio of -52.04 and a beta of 1.03. The firm’s 50 day simple moving average is $93.75 and its two-hundred day simple moving average is $92.38.

Okta (NASDAQ:OKTA – Get Free Report) last issued its earnings results on Wednesday, May 29th. The company reported ($0.13) earnings per share 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 firm had revenue of $617.00 million during the quarter, compared to analyst estimates of $604.33 million. Research analysts expect that Okta, Inc. will post -0.28 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Jacques Frederic Kerrest sold 18,878 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $87.19, for a total transaction of $1,645,972.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 7.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on OKTA shares. Westpark Capital upgraded shares of Okta from a “hold” rating to a “buy” rating and set a $140.00 price target for the company in a research note on Thursday, February 29th. Wedbush reiterated an “outperform” rating and issued a $130.00 price target on shares of Okta in a research note on Wednesday, May 29th. Canaccord Genuity Group increased their price target on shares of Okta from $85.00 to $95.00 and gave the stock a “hold” rating in a research note on Thursday, February 29th. Evercore ISI upgraded shares of Okta from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $102.00 to $122.00 in a research note on Thursday, May 30th. Finally, BMO Capital Markets decreased their price target on shares of Okta from $110.00 to $100.00 and set a “market perform” rating for the company in a research note on Monday, June 3rd. Nineteen investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Okta currently has a consensus rating of “Hold” and an average price target of $104.48.

Check Out Our Latest Analysis on Okta

Okta Profile

(Free Report)

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.

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