Lecap Asset Management Ltd. Invests $3.48 Million in Okta, Inc. (NASDAQ:OKTA)

Lecap Asset Management Ltd. purchased a new position in shares of Okta, Inc. (NASDAQ:OKTA) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 46,805 shares of the company’s stock, valued at approximately $3,479,000. Okta accounts for approximately 0.8% of Lecap Asset Management Ltd.’s investment portfolio, making the stock its 23rd largest position.

Several other large investors have also recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC raised its stake in shares of Okta by 71.4% during the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after purchasing an additional 142 shares during the period. Future Financial Wealth Managment LLC acquired a new position in Okta in the 3rd quarter worth $26,000. Blue Trust Inc. boosted its position in Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after buying an additional 191 shares during the last quarter. First Command Advisory Services Inc. acquired a new stake in shares of Okta during the second quarter valued at about $47,000. Finally, nVerses Capital LLC purchased a new stake in shares of Okta during the second quarter worth about $47,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on OKTA shares. Citigroup dropped their price objective on Okta from $115.00 to $110.00 and set a “neutral” rating on the stock in a report on Thursday, August 29th. Wells Fargo & Company cut their price target on shares of Okta from $90.00 to $80.00 and set an “equal weight” rating on the stock in a report on Thursday, October 17th. Jefferies Financial Group dropped their target price on shares of Okta from $100.00 to $85.00 and set a “hold” rating for the company in a research report on Tuesday, September 24th. Mizuho reduced their price target on shares of Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a research report on Thursday, October 17th. Finally, Westpark Capital reiterated a “buy” rating and issued a $140.00 price target on shares of Okta in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $98.83.

Insider Activity

In other Okta news, insider Larissa Schwartz sold 2,795 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $92.02, for a total transaction of $257,195.90. Following the sale, the insider now owns 27,014 shares in the company, valued at approximately $2,485,828.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Okta news, insider Larissa Schwartz sold 2,795 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $92.02, for a total value of $257,195.90. Following the completion of the transaction, the insider now directly owns 27,014 shares in the company, valued at $2,485,828.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Todd Mckinnon sold 200,512 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the sale, the chief executive officer now owns 8,495 shares in the company, valued at $638,908.95. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 475,793 shares of company stock valued at $35,759,000 over the last three months. Insiders own 7.00% of the company’s stock.

Okta Stock Performance

Shares of OKTA opened at $74.03 on Wednesday. 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’s 50 day moving average is $79.70 and its 200-day moving average is $88.74. Okta, Inc. has a 12-month low of $65.04 and a 12-month high of $114.50. The stock has a market capitalization of $12.57 billion, a P/E ratio of -88.13, a P/E/G ratio of 17.32 and a beta of 1.02.

Okta (NASDAQ:OKTA) last issued its earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share 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 analysts’ expectations of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. Equities research analysts anticipate that Okta, Inc. will post 0.19 EPS for the current fiscal year.

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.