Glenmede Trust Co. NA Has $37.96 Million Position in Okta, Inc. (NASDAQ:OKTA)

Glenmede Trust Co. NA boosted its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 17.6% in the third quarter, Holdings Channel.com reports. The fund owned 510,658 shares of the company’s stock after buying an additional 76,588 shares during the quarter. Glenmede Trust Co. NA’s holdings in Okta were worth $37,962,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Marshall Wace LLP grew its position in shares of Okta by 117.4% during the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after buying an additional 1,227,890 shares during the period. Eminence Capital LP boosted its stake in Okta by 18.1% during the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after acquiring an additional 305,381 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its holdings in Okta by 232.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock valued at $29,479,000 after purchasing an additional 277,084 shares during the period. Truist Financial Corp increased its stake in Okta by 62.5% in the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after purchasing an additional 200,770 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in Okta by 105.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after purchasing an additional 184,107 shares in the last quarter. Institutional investors own 86.64% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on OKTA. Susquehanna decreased their price target on shares of Okta from $110.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Stifel Nicolaus lowered their price target on Okta from $122.00 to $108.00 and set a “buy” rating for the company in a report on Thursday, August 29th. DA Davidson cut their price objective on Okta from $85.00 to $75.00 and set a “neutral” rating on the stock in a report on Thursday, October 17th. Piper Sandler lowered their target price on Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, October 17th. Finally, Needham & Company LLC started coverage on shares of Okta in a research note on Thursday, October 17th. They issued a “buy” rating and a $100.00 price target on the stock. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $98.30.

Okta Stock Performance

Shares of Okta stock opened at $76.83 on Wednesday. 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 $74.77 and a 200-day moving average of $85.17. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83.

Okta (NASDAQ:OKTA) last announced its earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $646.00 million for the quarter, compared to analyst estimates of $632.24 million. As a group, equities analysts forecast that Okta, Inc. will post 0.19 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Todd Mckinnon sold 200,512 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $75.21, for a total value of $15,080,507.52. Following the transaction, the chief executive officer now owns 8,495 shares in the company, valued at approximately $638,908.95. This trade represents a 95.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Jonathan James Addison sold 9,850 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $77.63, for a total transaction of $764,655.50. Following the sale, the executive now directly owns 14,601 shares of the company’s stock, valued at $1,133,475.63. This represents a 40.28 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 475,789 shares of company stock worth $35,701,361. Corporate insiders own 7.00% of the company’s stock.

Okta Company 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.