Stanley Laman Group Ltd. Cuts Stock Position in Okta, Inc. (NASDAQ:OKTA)

Stanley Laman Group Ltd. trimmed its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 10.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,231 shares of the company’s stock after selling 8,719 shares during the quarter. Okta accounts for about 1.0% of Stanley Laman Group Ltd.’s portfolio, making the stock its 16th largest position. Stanley Laman Group Ltd.’s holdings in Okta were worth $6,762,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Banque Cantonale Vaudoise lifted its holdings in shares of Okta by 4.3% during the first quarter. Banque Cantonale Vaudoise now owns 2,933 shares of the company’s stock worth $307,000 after purchasing an additional 122 shares during the period. Venturi Wealth Management LLC boosted its holdings in Okta by 50.4% in the first quarter. Venturi Wealth Management LLC now owns 391 shares of the company’s stock valued at $41,000 after purchasing an additional 131 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in Okta by 71.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after purchasing an additional 142 shares during the period. CWM LLC raised its stake in shares of Okta by 5.3% during the 2nd quarter. CWM LLC now owns 2,910 shares of the company’s stock valued at $272,000 after buying an additional 147 shares during the last quarter. Finally, City State Bank boosted its stake in shares of Okta by 160.0% in the first quarter. City State Bank now owns 260 shares of the company’s stock worth $27,000 after buying an additional 160 shares during the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Okta Stock Up 1.2 %

NASDAQ:OKTA traded up $1.18 during midday trading on Friday, reaching $96.69. The company had a trading volume of 1,763,789 shares, compared to its average volume of 1,822,677. The stock’s fifty day simple moving average is $91.96 and its 200-day simple moving average is $94.70. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.19. Okta, Inc. has a 12-month low of $65.04 and a 12-month high of $114.50. The firm has a market capitalization of $16.27 billion, a price-to-earnings ratio of -57.90 and a beta of 1.03.

Okta (NASDAQ:OKTA) last released 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 for the quarter, compared to analyst estimates of $604.33 million. On average, sell-side analysts anticipate that Okta, Inc. will post -0.28 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on OKTA shares. Needham & Company LLC reissued a “buy” rating and issued a $130.00 price target on shares of Okta in a report on Thursday, May 30th. Evercore ISI upgraded shares of Okta from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $102.00 to $122.00 in a research report on Thursday, May 30th. Royal Bank of Canada restated an “outperform” rating and set a $125.00 target price on shares of Okta in a research report on Monday, June 17th. Guggenheim reaffirmed a “buy” rating and issued a $130.00 price target on shares of Okta in a report on Tuesday, June 25th. Finally, JPMorgan Chase & Co. raised their price objective on Okta from $105.00 to $110.00 and gave the company a “neutral” rating in a report on Thursday, May 30th. Nineteen investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $105.58.

Insider Activity at Okta

In related news, Director Jacques Frederic Kerrest sold 26,618 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $100.29, for a total transaction of $2,669,519.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Larissa Schwartz sold 2,795 shares of Okta stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $92.02, for a total value of $257,195.90. Following the transaction, the insider now directly owns 27,014 shares of the company’s stock, valued at approximately $2,485,828.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jacques Frederic Kerrest sold 26,618 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $100.29, for a total transaction of $2,669,519.22. The disclosure for this sale can be found here. Insiders have sold 365,051 shares of company stock valued at $34,411,773 over the last quarter. 7.00% of the stock is owned by 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.