Okta, Inc. (NASDAQ:OKTA) Stake Decreased by Whetstone Capital Advisors LLC

Whetstone Capital Advisors LLC lessened its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 0.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 89,528 shares of the company’s stock after selling 587 shares during the period. Okta comprises about 3.2% of Whetstone Capital Advisors LLC’s holdings, making the stock its 10th biggest position. Whetstone Capital Advisors LLC owned about 0.05% of Okta worth $6,656,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. SG Americas Securities LLC increased its stake in Okta by 122.3% in 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 last quarter. Truist Financial Corp raised 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. Connor Clark & Lunn Investment Management Ltd. lifted its position in Okta by 105.8% during 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 during the last quarter. Atria Wealth Solutions Inc. grew its stake in Okta by 75.4% in the 2nd 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 in the last quarter. Finally, River Global Investors LLP increased its holdings 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 buying an additional 9,114 shares during the last quarter. Institutional investors own 86.64% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on OKTA shares. Barclays assumed coverage on shares of Okta in a report on Tuesday, November 19th. They set an “equal weight” rating and a $81.00 price objective for the company. Mizuho dropped their price target on Okta from $104.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday, October 17th. BMO Capital Markets increased their price objective on Okta from $100.00 to $103.00 and gave the company a “market perform” rating in a research report on Thursday, August 29th. Needham & Company LLC began coverage on Okta in a research report on Thursday, October 17th. They issued a “buy” rating and a $100.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft lowered Okta from a “buy” rating to a “hold” rating and cut their target price for the stock from $115.00 to $85.00 in a research note on Tuesday, November 12th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $98.30.

Insider Transactions at Okta

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

Okta Price Performance

Shares of OKTA opened at $77.94 on Monday. Okta, Inc. has a one year low of $66.69 and a one year high of $114.50. The company has a 50-day simple moving average of $74.72 and a two-hundred day simple moving average of $85.32. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83.

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