Pitcairn Co. Trims Stock Position in Okta, Inc. (NASDAQ:OKTA)

Pitcairn Co. reduced its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 18.1% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 8,016 shares of the company’s stock after selling 1,775 shares during the period. Pitcairn Co.’s holdings in Okta were worth $596,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of OKTA. Future Financial Wealth Managment LLC purchased a new position in Okta during the third quarter valued at approximately $26,000. Blue Trust Inc. lifted its stake in shares of Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after purchasing an additional 191 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Okta by 71.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after purchasing an additional 142 shares during the period. First Command Advisory Services Inc. purchased a new stake in Okta during the second quarter worth $47,000. Finally, nVerses Capital LLC acquired a new stake in Okta during the second quarter valued at $47,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Price Performance

NASDAQ:OKTA opened at $76.50 on Tuesday. Okta, Inc. has a 52 week low of $66.69 and a 52 week high of $114.50. The stock’s fifty day moving average is $74.77 and its two-hundred day moving average is $85.17. The company has a market capitalization of $12.99 billion, a P/E ratio of -91.07, a P/E/G ratio of 18.75 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 (NASDAQ:OKTA) last issued its quarterly earnings data 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 return on equity of 1.10% and a negative net margin of 5.55%. The firm had revenue of $646.00 million during the quarter, compared to the consensus estimate of $632.24 million. Equities analysts expect that Okta, Inc. will post 0.19 EPS for the current year.

Wall Street Analyst Weigh In

OKTA has been the topic of several recent analyst reports. Barclays initiated coverage on shares of Okta in a research note on Tuesday, November 19th. They set an “equal weight” rating and a $81.00 target price on the stock. Canaccord Genuity Group dropped their price objective on Okta from $90.00 to $82.00 and set a “hold” rating on the stock in a report on Friday, October 18th. BTIG Research reduced their target price on Okta from $128.00 to $98.00 and set a “buy” rating for the company in a research note on Thursday, October 17th. Jefferies Financial Group decreased their target price on Okta from $100.00 to $85.00 and set a “hold” rating on the stock in a research report on Tuesday, September 24th. Finally, Westpark Capital reissued a “buy” rating and issued a $140.00 price target on shares of Okta in a report on Thursday, August 29th. One 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 data from MarketBeat, Okta currently has an average rating of “Hold” and a consensus target price of $98.30.

Insider Activity

In other Okta news, CEO Todd Mckinnon sold 200,512 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 8,495 shares of the company’s stock, valued at $638,908.95. The trade was 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 available through this link. Also, insider Larissa Schwartz sold 2,790 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $74.01, for a total value of $206,487.90. Following the transaction, the insider now owns 27,713 shares of the company’s stock, valued at approximately $2,051,039.13. This represents a 9.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 475,789 shares of company stock valued at $35,701,361. Company insiders own 7.00% of the company’s stock.

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.