Okta (NASDAQ:OKTA) Shares Down 3.4% After Insider Selling

Okta, Inc. (NASDAQ:OKTA) was down 3.4% during trading on Wednesday following insider selling activity. The company traded as low as $75.36 and last traded at $75.96. Approximately 2,278,984 shares traded hands during trading, an increase of 18% from the average daily volume of 1,930,123 shares. The stock had previously closed at $78.65.

Specifically, insider Larissa Schwartz sold 2,797 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $77.63, for a total transaction of $217,131.11. Following the completion of the transaction, the insider now directly owns 24,916 shares of the company’s stock, valued at $1,934,229.08. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Jonathan James Addison sold 9,850 shares of Okta stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $77.63, for a total transaction of $764,655.50. Following the completion of the transaction, the executive now directly owns 14,601 shares of the company’s stock, valued at approximately $1,133,475.63. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. UBS Group dropped their price target on shares of Okta from $120.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Robert W. Baird dropped their price objective on shares of Okta from $105.00 to $95.00 and set an “outperform” rating for the company in a research note on Friday. Truist Financial cut their price target on Okta from $95.00 to $80.00 and set a “hold” rating on the stock in a research note on Thursday. Piper Sandler lowered their price objective on Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, BMO Capital Markets lifted their price objective on Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $99.38.

Okta Trading Up 0.5 %

The company has a market cap of $12.59 billion, a PE ratio of -44.80, a P/E/G ratio of 26.91 and a beta of 1.02. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. The company has a fifty day simple moving average of $80.44 and a two-hundred day simple moving average of $89.29.

Okta (NASDAQ:OKTA) last announced its 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 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 0.12 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Future Financial Wealth Managment LLC purchased a new position in Okta in the 3rd quarter valued at about $26,000. City State Bank grew its stake in shares of Okta by 160.0% in the first quarter. City State Bank now owns 260 shares of the company’s stock worth $27,000 after purchasing an additional 160 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Okta by 105.5% during the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after acquiring an additional 191 shares during the period. EverSource Wealth Advisors LLC raised its position in Okta by 71.4% in the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after acquiring an additional 142 shares in the last quarter. Finally, First Command Advisory Services Inc. acquired a new stake in Okta during the second quarter valued at approximately $47,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

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.