Dynamic Technology Lab Private Ltd Acquires 22,507 Shares of Okta, Inc. (NASDAQ:OKTA)

Dynamic Technology Lab Private Ltd increased its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 478.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,215 shares of the company’s stock after buying an additional 22,507 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in Okta were worth $2,023,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. SG Americas Securities LLC boosted its stake in shares of Okta by 122.3% during the 3rd quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock worth $1,265,000 after acquiring an additional 9,364 shares during the period. Truist Financial Corp increased its position in Okta by 62.5% in the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after acquiring an additional 200,770 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of 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 during the last quarter. Atria Wealth Solutions Inc. increased its position in shares of Okta by 75.4% during the second quarter. Atria Wealth Solutions Inc. now owns 11,477 shares of the company’s stock worth $1,074,000 after buying an additional 4,932 shares during the period. Finally, River Global Investors LLP raised its position in shares of Okta by 69.9% in the 3rd quarter. River Global Investors LLP now owns 22,144 shares of the company’s stock worth $1,646,000 after acquiring an additional 9,114 shares in the last quarter. Institutional investors own 86.64% of the company’s stock.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $76.50 on Tuesday. The business’s fifty day moving average price is $74.77 and its two-hundred day moving average price is $85.17. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. The stock has a market cap of $12.99 billion, a PE ratio of -91.07, a price-to-earnings-growth ratio of 18.75 and a beta of 1.02. Okta, Inc. has a one year low of $66.69 and a one year high of $114.50.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, beating the consensus estimate of ($0.08) by $0.29. The firm had revenue of $646.00 million for the quarter, compared to analyst estimates of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. On average, analysts forecast that Okta, Inc. will post 0.19 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on OKTA. Royal Bank of Canada decreased their price target on shares of Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Stifel Nicolaus cut their price target on shares of Okta from $122.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. BMO Capital Markets raised their target price on Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a research report on Thursday, August 29th. Deutsche Bank Aktiengesellschaft lowered Okta from a “buy” rating to a “hold” rating and reduced their target price for the company from $115.00 to $85.00 in a report on Tuesday, November 12th. Finally, Piper Sandler dropped their price target on Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $98.30.

Insiders Place Their Bets

In other news, insider Larissa Schwartz sold 2,791 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the sale, the insider now directly owns 22,125 shares of the company’s stock, valued at approximately $1,581,937.50. This represents a 11.20 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Todd Mckinnon sold 224,533 shares of the company’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $74.62, for a total value of $16,754,652.46. The disclosure for this sale can be found here. Insiders have sold 475,789 shares of company stock valued at $35,701,361 over the last quarter. Insiders own 7.00% of the company’s stock.

Okta Profile

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.