Migdal Insurance & Financial Holdings Ltd. Cuts Stock Position in Okta, Inc. (NASDAQ:OKTA)

Migdal Insurance & Financial Holdings Ltd. cut its holdings in Okta, Inc. (NASDAQ:OKTA) by 2.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,560 shares of the company’s stock after selling 727 shares during the quarter. Migdal Insurance & Financial Holdings Ltd.’s holdings in Okta were worth $2,049,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Kornitzer Capital Management Inc. KS increased its position in shares of Okta by 10.4% in the third quarter. Kornitzer Capital Management Inc. KS now owns 105,750 shares of the company’s stock valued at $7,861,000 after buying an additional 10,000 shares in the last quarter. Advisors Management Group Inc. ADV increased its position in shares of Okta by 32.3% in the third quarter. Advisors Management Group Inc. ADV now owns 11,758 shares of the company’s stock valued at $874,000 after buying an additional 2,871 shares in the last quarter. Catalyst Capital Advisors LLC purchased a new stake in shares of Okta in the third quarter valued at approximately $56,000. Asset Management One Co. Ltd. increased its position in shares of Okta by 4.7% in the third quarter. Asset Management One Co. Ltd. now owns 144,382 shares of the company’s stock valued at $10,733,000 after buying an additional 6,537 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its position in shares of Okta by 232.0% in 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 buying an additional 277,084 shares in the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Okta Stock Performance

NASDAQ:OKTA traded down $0.43 during mid-day trading on Friday, reaching $76.75. 1,060,641 shares of the stock were exchanged, compared to its average volume of 1,906,667. The company has a 50 day simple moving average of $74.35 and a 200-day simple moving average of $86.73. The stock has a market capitalization of $13.04 billion, a P/E ratio of -91.37, a P/E/G ratio of 17.52 and a beta of 1.02. 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, Inc. has a 1 year low of $65.98 and a 1 year high of $114.50.

Okta (NASDAQ:OKTA) last released its quarterly 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. The firm had revenue of $646.00 million for the quarter, compared to the consensus estimate of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. Analysts anticipate that Okta, Inc. will post 0.19 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Jefferies Financial Group dropped their price target on Okta from $100.00 to $85.00 and set a “hold” rating for the company in a research report on Tuesday, September 24th. DA Davidson dropped their price target on Okta from $85.00 to $75.00 and set a “neutral” rating for the company in a research report on Thursday, October 17th. Truist Financial dropped their price target on Okta from $95.00 to $80.00 and set a “hold” rating for the company in a research report on Thursday, October 17th. Piper Sandler dropped their price target on Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, October 17th. Finally, Canaccord Genuity Group dropped their price target on Okta from $90.00 to $82.00 and set a “hold” rating for the company in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Okta presently has an average rating of “Hold” and a consensus price target of $99.39.

Insiders Place Their Bets

In other Okta news, CEO Todd Mckinnon sold 224,533 shares of the stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $74.62, for a total transaction of $16,754,652.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Todd Mckinnon sold 224,533 shares of the firm’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 legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Larissa Schwartz sold 2,790 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $74.01, for a total value of $206,487.90. Following the completion of the transaction, the insider now directly owns 27,713 shares of the company’s stock, valued at $2,051,039.13. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 478,584 shares of company stock valued at $35,958,556. 7.00% of the stock is owned by company insiders.

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.