Neuburgh Advisers LLC lifted its position in Okta Inc (NASDAQ:OKTA) by 262.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,784 shares of the company’s stock after purchasing an additional 2,016 shares during the quarter. Neuburgh Advisers LLC’s holdings in Okta were worth $344,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Lindbrook Capital LLC boosted its position in shares of Okta by 76.9% in the 2nd quarter. Lindbrook Capital LLC now owns 230 shares of the company’s stock valued at $28,000 after purchasing an additional 100 shares during the period. Valeo Financial Advisors LLC lifted its position in Okta by 122.4% during the 2nd quarter. Valeo Financial Advisors LLC now owns 238 shares of the company’s stock worth $29,000 after acquiring an additional 131 shares during the period. Focused Wealth Management Inc acquired a new stake in Okta during the 2nd quarter worth approximately $30,000. Truewealth LLC acquired a new stake in Okta during the 2nd quarter worth approximately $33,000. Finally, Shine Investment Advisory Services Inc. acquired a new stake in Okta during the 2nd quarter worth approximately $47,000. 70.94% of the stock is owned by hedge funds and other institutional investors.
NASDAQ OKTA traded up $1.36 during mid-day trading on Thursday, hitting $107.94. The stock had a trading volume of 896,835 shares, compared to its average volume of 2,152,283. Okta Inc has a 52-week low of $41.88 and a 52-week high of $141.85. The company has a market cap of $12.76 billion, a price-to-earnings ratio of -104.80 and a beta of 1.06. The company has a 50 day simple moving average of $129.50 and a 200 day simple moving average of $111.81. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.57.
OKTA has been the subject of a number of recent research reports. Guggenheim increased their price objective on Okta from $125.00 to $152.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Cowen began coverage on Okta in a research report on Wednesday, August 21st. They set an “outperform” rating and a $150.00 price objective for the company. Oppenheimer raised their price target on Okta from $115.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. Needham & Company LLC raised their price target on Okta to $154.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Finally, DA Davidson raised their price target on Okta from $114.00 to $131.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Eleven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $128.67.
In related news, insider Jacques Frederic Kerrest sold 1,550 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $127.85, for a total value of $198,167.50. Following the completion of the transaction, the insider now directly owns 4,751 shares of the company’s stock, valued at approximately $607,415.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd Mckinnon sold 1,773 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $127.85, for a total value of $226,678.05. Following the completion of the transaction, the chief executive officer now directly owns 14,224 shares of the company’s stock, valued at $1,818,538.40. The disclosure for this sale can be found here. Insiders sold a total of 691,820 shares of company stock valued at $90,920,465 over the last ninety days. 14.69% of the stock is currently owned by company insiders.
Okta Company Profile
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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