Connor Clark & Lunn Investment Management Ltd. Raises Stock Holdings in Okta, Inc. (NASDAQ:OKTA)

Connor Clark & Lunn Investment Management Ltd. grew its holdings in Okta, Inc. (NASDAQ:OKTA) by 105.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 358,182 shares of the company’s stock after buying an additional 184,107 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.21% of Okta worth $26,627,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Caprock Group LLC increased its holdings in Okta by 4.7% in the 2nd quarter. Caprock Group LLC now owns 2,856 shares of the company’s stock worth $267,000 after acquiring an additional 129 shares in the last quarter. National Bank of Canada FI raised its position in shares of Okta by 11.0% during the 2nd quarter. National Bank of Canada FI now owns 1,315 shares of the company’s stock worth $124,000 after purchasing an additional 130 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in Okta by 71.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after buying an additional 142 shares in the last quarter. CWM LLC boosted its holdings in Okta by 5.3% in the 2nd quarter. CWM LLC now owns 2,910 shares of the company’s stock worth $272,000 after buying an additional 147 shares during the last quarter. Finally, Bleakley Financial Group LLC increased its stake in Okta by 4.6% during the 3rd quarter. Bleakley Financial Group LLC now owns 4,114 shares of the company’s stock worth $306,000 after buying an additional 182 shares in the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OKTA has been the topic of several research reports. Citigroup decreased their target price on Okta from $115.00 to $110.00 and set a “neutral” rating on the stock in a research report on Thursday, August 29th. Morgan Stanley lowered their target price on shares of Okta from $100.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, November 4th. UBS Group reduced their target price on shares of Okta from $120.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. DA Davidson lowered their price target on shares of Okta from $85.00 to $75.00 and set a “neutral” rating on the stock in a research report on Thursday, October 17th. Finally, Stifel Nicolaus cut their price objective on shares of Okta from $122.00 to $108.00 and set a “buy” rating for the company in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $98.30.

Insider Activity

In related news, CEO Todd Mckinnon sold 224,533 shares of the company’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $74.62, for a total value of $16,754,652.46. The sale was disclosed in a legal 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 that occurred on Monday, September 16th. The stock was sold at an average price of $74.01, for a total value of $206,487.90. Following the transaction, the insider now owns 27,713 shares in the company, valued at $2,051,039.13. This represents a 9.15 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 475,789 shares of company stock worth $35,701,361. 7.00% of the stock is currently owned by insiders.

Okta Stock Performance

NASDAQ OKTA opened at $73.69 on Thursday. Okta, Inc. has a 52 week low of $66.69 and a 52 week high of $114.50. The firm has a 50 day moving average of $74.63 and a two-hundred day moving average of $85.72. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18.

Okta (NASDAQ:OKTA) last issued its earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. The firm had revenue of $646.00 million during the quarter, compared to the consensus estimate of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. Sell-side analysts predict that Okta, Inc. will post 0.19 earnings per share for the current fiscal year.

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.