Okta, Inc. (NASDAQ:OKTA) Director Sells $10,603,449.68 in Stock

Okta, Inc. (NASDAQ:OKTA) Director Jacques Frederic Kerrest sold 131,426 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $80.68, for a total value of $10,603,449.68. Following the sale, the director now directly owns 1,622 shares of the company’s stock, valued at approximately $130,862.96. This represents a 98.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Okta Stock Down 3.0 %

Shares of NASDAQ:OKTA opened at $83.51 on Friday. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. The firm has a market cap of $14.19 billion, a P/E ratio of -247.03, a P/E/G ratio of 20.94 and a beta of 1.00. Okta, Inc. has a 12 month low of $70.56 and a 12 month high of $114.50. The company’s 50-day moving average price is $75.37 and its two-hundred day moving average price is $84.29.

Institutional Investors Weigh In On Okta

A number of institutional investors and hedge funds have recently modified their holdings of the business. 272 Capital LP acquired a new stake in shares of Okta during the third quarter worth about $1,241,000. Oddo BHF Asset Management Sas bought a new position in Okta in the third quarter valued at approximately $5,343,000. Tidal Investments LLC increased its holdings in Okta by 132.0% during the third quarter. Tidal Investments LLC now owns 25,103 shares of the company’s stock worth $1,866,000 after buying an additional 14,283 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Okta in the 3rd quarter valued at about $108,000. Finally, Sanctuary Advisors LLC raised its stake in Okta by 125.8% in the third quarter. Sanctuary Advisors LLC now owns 11,244 shares of the company’s stock valued at $861,000 after buying an additional 6,265 shares during the period. 86.64% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

OKTA has been the topic of a number of research analyst reports. Needham & Company LLC upped their price target on Okta from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday. Canaccord Genuity Group upped their price target on shares of Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research note on Wednesday. Bank of America cut Okta from a “buy” rating to an “underperform” rating and reduced their price objective for the company from $135.00 to $75.00 in a research report on Thursday, August 29th. BTIG Research lifted their price target on Okta from $98.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Wells Fargo & Company raised their price objective on shares of Okta from $80.00 to $95.00 and gave the company an “equal weight” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, Okta currently has a consensus rating of “Hold” and an average price target of $103.77.

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.