Primecap Management Co. CA Sells 14,900 Shares of Okta, Inc. (NASDAQ:OKTA)

Primecap Management Co. CA reduced its stake in Okta, Inc. (NASDAQ:OKTA) by 1.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,341,316 shares of the company’s stock after selling 14,900 shares during the period. Primecap Management Co. CA owned approximately 0.79% of Okta worth $99,713,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Okta by 105.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after buying an additional 184,107 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Okta during the third quarter valued at $307,000. Caprock Group LLC boosted its stake in shares of Okta by 32.6% in the 3rd quarter. Caprock Group LLC now owns 3,786 shares of the company’s stock valued at $281,000 after purchasing an additional 930 shares in the last quarter. Quest Partners LLC grew its holdings in shares of Okta by 346.2% in the 3rd quarter. Quest Partners LLC now owns 7,134 shares of the company’s stock worth $530,000 after purchasing an additional 5,535 shares during the last quarter. Finally, Swiss National Bank increased its position in shares of Okta by 0.8% during the 3rd quarter. Swiss National Bank now owns 477,700 shares of the company’s stock worth $35,512,000 after purchasing an additional 3,600 shares in the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Stock Up 2.4 %

Okta stock opened at $75.45 on Friday. Okta, Inc. has a fifty-two week low of $66.69 and a fifty-two week high of $114.50. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The firm has a market capitalization of $12.82 billion, a price-to-earnings ratio of -89.82, a PEG ratio of 18.24 and a beta of 1.02. The company’s 50 day simple moving average is $74.67 and its 200 day simple moving average is $85.65.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results 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 analyst estimates of $632.24 million. As a group, sell-side analysts anticipate that Okta, Inc. will post 0.19 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on OKTA shares. Susquehanna reduced their price target on shares of Okta from $110.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. BTIG Research decreased their price target on Okta from $128.00 to $98.00 and set a “buy” rating on the stock in a research report on Thursday, October 17th. Truist Financial cut their price objective on Okta from $95.00 to $80.00 and set a “hold” rating for the company in a research report on Thursday, October 17th. Westpark Capital restated a “buy” rating and set a $140.00 target price on shares of Okta in a report on Thursday, August 29th. Finally, UBS Group cut their price target on Okta from $120.00 to $108.00 and set a “buy” rating for the company in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $98.30.

Insiders Place Their Bets

In other news, CRO Jonathan James Addison sold 9,850 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $764,655.50. Following the completion of the transaction, the executive now owns 14,601 shares in the company, valued at $1,133,475.63. This represents a 40.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Larissa Schwartz sold 2,790 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $74.01, for a total transaction of $206,487.90. Following the sale, the insider now owns 27,713 shares in the company, valued at approximately $2,051,039.13. The trade was a 9.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 475,789 shares of company stock worth $35,701,361 over the last ninety days. 7.00% of the stock is currently owned by corporate insiders.

About Okta

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.