Okta, Inc. (NASDAQ:OKTA) Holdings Reduced by Whetstone Capital Advisors LLC

Whetstone Capital Advisors LLC reduced its position in shares of Okta, Inc. (NASDAQ:OKTA) by 0.7% in the third quarter, HoldingsChannel reports. The firm owned 89,528 shares of the company’s stock after selling 587 shares during the quarter. Okta makes up 3.2% of Whetstone Capital Advisors LLC’s investment portfolio, making the stock its 10th largest position. Whetstone Capital Advisors LLC’s holdings in Okta were worth $6,656,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Truvestments Capital LLC increased its holdings in Okta by 24.8% during the third quarter. Truvestments Capital LLC now owns 3,547 shares of the company’s stock valued at $264,000 after buying an additional 705 shares during the last quarter. Dynamic Technology Lab Private Ltd grew its position in shares of Okta by 478.1% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 27,215 shares of the company’s stock valued at $2,023,000 after acquiring an additional 22,507 shares during the period. Alpha DNA Investment Management LLC increased its stake in shares of Okta by 9.3% in the 3rd quarter. Alpha DNA Investment Management LLC now owns 5,982 shares of the company’s stock worth $445,000 after purchasing an additional 510 shares in the last quarter. Swedbank AB increased its stake in shares of Okta by 0.8% in the 3rd quarter. Swedbank AB now owns 80,011 shares of the company’s stock worth $5,948,000 after purchasing an additional 609 shares in the last quarter. Finally, Penserra Capital Management LLC raised its holdings in Okta by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 767,962 shares of the company’s stock worth $57,089,000 after purchasing an additional 68,757 shares during the period. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Stock Up 1.8 %

Okta stock opened at $77.94 on Monday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. Okta, Inc. has a 1-year low of $66.69 and a 1-year high of $114.50. The company’s 50-day moving average is $74.72 and its 200 day moving average is $85.32.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate 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%. Equities research analysts anticipate that Okta, Inc. will post 0.19 earnings per share for the current fiscal year.

Insider Activity at Okta

In related news, CEO Todd Mckinnon sold 200,512 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the completion of the sale, the chief executive officer now owns 8,495 shares of the company’s stock, valued at $638,908.95. This represents a 95.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Jonathan James Addison sold 9,850 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $77.63, for a total value of $764,655.50. Following the transaction, the executive now directly owns 14,601 shares in the company, valued at approximately $1,133,475.63. The trade was a 40.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 475,789 shares of company stock worth $35,701,361. Company insiders own 7.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on OKTA. DA Davidson cut their price target on Okta from $85.00 to $75.00 and set a “neutral” rating for the company in a report on Thursday, October 17th. Stifel Nicolaus reduced their target price on shares of Okta from $122.00 to $108.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Truist Financial lowered their price target on shares of Okta from $95.00 to $80.00 and set a “hold” rating on the stock in a report on Thursday, October 17th. Wells Fargo & Company decreased their price objective on shares of Okta from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 17th. Finally, Jefferies Financial Group dropped their target price on shares of Okta from $100.00 to $85.00 and set a “hold” rating for the company in a report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $98.30.

Okta 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.