Semanteon Capital Management LP Makes New Investment in Okta, Inc. (NASDAQ:OKTA)

Semanteon Capital Management LP bought a new stake in shares of Okta, Inc. (NASDAQ:OKTA) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 14,064 shares of the company’s stock, valued at approximately $1,273,000. Okta comprises about 0.9% of Semanteon Capital Management LP’s investment portfolio, making the stock its 5th largest holding.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Cerity Partners LLC lifted its holdings in shares of Okta by 6,192.3% in the 4th quarter. Cerity Partners LLC now owns 3,172,223 shares of the company’s stock worth $287,181,000 after purchasing an additional 3,121,809 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Okta by 79.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 938,097 shares of the company’s stock valued at $76,464,000 after buying an additional 416,028 shares during the last quarter. Glenmede Trust Co. NA boosted its holdings in shares of Okta by 1,042.4% during the third quarter. Glenmede Trust Co. NA now owns 210,981 shares of the company’s stock valued at $17,197,000 after acquiring an additional 192,513 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Okta by 2,721.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 176,071 shares of the company’s stock worth $15,940,000 after acquiring an additional 169,830 shares during the last quarter. Finally, Alua Capital Management LP acquired a new stake in shares of Okta in the 3rd quarter worth about $12,775,000. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Stock Down 0.9 %

Shares of Okta stock traded down $0.83 during midday trading on Thursday, hitting $92.93. The company’s stock had a trading volume of 840,566 shares, compared to its average volume of 1,937,875. The firm has a market capitalization of $15.56 billion, a P/E ratio of -42.82 and a beta of 1.00. Okta, Inc. has a 1-year low of $65.04 and a 1-year high of $114.50. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.20. The stock has a 50-day simple moving average of $99.52 and a 200-day simple moving average of $86.25.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, February 28th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.35. The company had revenue of $605.00 million for the quarter, compared to analysts’ expectations of $586.25 million. Okta had a negative return on equity of 5.69% and a negative net margin of 15.69%. As a group, sell-side analysts expect that Okta, Inc. will post -1.51 earnings per share for the current year.

Insider Buying and Selling at Okta

In other Okta news, Director Shellye L. Archambeau sold 5,000 shares of Okta stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $106.96, for a total transaction of $534,800.00. Following the completion of the sale, the director now owns 6,042 shares of the company’s stock, valued at approximately $646,252.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CAO Shibu Ninan sold 4,279 shares of the stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $104.14, for a total value of $445,615.06. Following the transaction, the chief accounting officer now owns 4,111 shares in the company, valued at $428,119.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Shellye L. Archambeau sold 5,000 shares of Okta stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $106.96, for a total transaction of $534,800.00. Following the completion of the sale, the director now owns 6,042 shares of the company’s stock, valued at $646,252.32. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,779 shares of company stock worth $1,205,990. 7.36% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on OKTA. Truist Financial restated a “hold” rating and issued a $105.00 target price (up previously from $85.00) on shares of Okta in a research report on Thursday, February 29th. Robert W. Baird raised their target price on Okta from $90.00 to $108.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. The Goldman Sachs Group boosted their price target on Okta from $105.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Royal Bank of Canada increased their price target on Okta from $95.00 to $125.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. Finally, Bank of America upgraded shares of Okta from an “underperform” rating to a “buy” rating and lifted their price objective for the company from $64.00 to $135.00 in a research note on Thursday, February 29th. Twenty equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $100.39.

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.