Insider Selling: Okta, Inc. (NASDAQ:OKTA) CRO Sells 9,850 Shares of Stock

Okta, Inc. (NASDAQ:OKTA) CRO Jonathan James Addison sold 9,850 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $764,655.50. Following the completion of the sale, the executive now owns 14,601 shares of the company’s stock, valued at approximately $1,133,475.63. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Okta Price Performance

NASDAQ OKTA traded down $2.93 during mid-day trading on Wednesday, hitting $75.72. The stock had a trading volume of 4,047,659 shares, compared to its average volume of 1,938,962. The company has a 50 day simple moving average of $81.03 and a 200 day simple moving average of $89.60. The company has a market cap of $12.74 billion, a price-to-earnings ratio of -45.34, a P/E/G ratio of 26.91 and a beta of 1.02. Okta, Inc. has a 52-week low of $65.04 and a 52-week high of $114.50. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.29. The business had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. Equities analysts forecast that Okta, Inc. will post 0.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Okta

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of Okta by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 15,719,619 shares of the company’s stock valued at $1,423,097,000 after purchasing an additional 438,496 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its position in Okta by 19.5% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 3,405 shares of the company’s stock worth $308,000 after buying an additional 556 shares in the last quarter. SG Americas Securities LLC raised its holdings in shares of Okta by 122.3% in the third 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. Los Angeles Capital Management LLC boosted its stake in shares of Okta by 282.5% during the first quarter. Los Angeles Capital Management LLC now owns 248,658 shares of the company’s stock valued at $26,015,000 after acquiring an additional 183,643 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in Okta by 28.6% during the 1st quarter. Principal Financial Group Inc. now owns 13,144 shares of the company’s stock worth $1,375,000 after purchasing an additional 2,925 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Analysts Set New Price Targets

OKTA has been the subject of several research reports. Truist Financial reiterated a “hold” rating and issued a $95.00 price target (down previously from $105.00) on shares of Okta in a research report on Thursday, August 29th. Guggenheim reiterated a “buy” rating and set a $130.00 target price on shares of Okta in a research note on Tuesday, June 25th. Bank of America lowered Okta from a “buy” rating to an “underperform” rating and lowered their price target for the stock from $135.00 to $75.00 in a report on Thursday, August 29th. Scotiabank reduced their price objective on Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a research note on Thursday, August 29th. Finally, Canaccord Genuity Group lowered their target price on Okta from $95.00 to $90.00 and set a “hold” rating on the stock in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $104.43.

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.