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

Pitcairn Co. lowered its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 18.1% during the third quarter, Holdings Channel reports. The fund 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 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. SG Americas Securities LLC grew its stake in Okta by 122.3% during the 3rd quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock worth $1,265,000 after purchasing an additional 9,364 shares in the last quarter. Truist Financial Corp raised its holdings in Okta by 62.5% in the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after acquiring an additional 200,770 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Okta by 105.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock worth $26,627,000 after acquiring an additional 184,107 shares during the last quarter. Atria Wealth Solutions Inc. grew its holdings in Okta by 75.4% during the 2nd quarter. Atria Wealth Solutions Inc. now owns 11,477 shares of the company’s stock worth $1,074,000 after acquiring an additional 4,932 shares in the last quarter. Finally, River Global Investors LLP grew its holdings in Okta by 69.9% during the 3rd quarter. River Global Investors LLP now owns 22,144 shares of the company’s stock worth $1,646,000 after acquiring an additional 9,114 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Larissa Schwartz sold 2,790 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 27,713 shares of the company’s stock, valued at $2,051,039.13. This trade represents a 9.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Todd Mckinnon sold 200,512 shares of Okta stock in a transaction 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 transaction, the chief executive officer now directly owns 8,495 shares of the company’s stock, valued at $638,908.95. This trade represents a 95.94 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 475,789 shares of company stock worth $35,701,361. Corporate insiders own 7.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Wells Fargo & Company decreased their price objective on shares of Okta from $90.00 to $80.00 and set an “equal weight” rating for the company in a research report on Thursday, October 17th. Barclays started coverage on Okta in a research report on Tuesday, November 19th. They set an “equal weight” rating and a $81.00 price objective for the company. Jefferies Financial Group dropped their price objective on Okta from $100.00 to $85.00 and set a “hold” rating on the stock in a report on Tuesday, September 24th. The Goldman Sachs Group decreased their target price on Okta from $113.00 to $97.00 and set a “buy” rating for the company in a research note on Tuesday, October 22nd. Finally, Mizuho dropped their price target on shares of Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a research note on Thursday, October 17th. One equities research 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 MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $98.30.

Okta Price Performance

Okta stock opened at $76.50 on Tuesday. Okta, Inc. has a 12 month low of $66.69 and a 12 month high of $114.50. The stock has a market capitalization of $12.99 billion, a PE ratio of -91.07, a price-to-earnings-growth ratio of 18.75 and a beta of 1.02. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The business has a 50 day simple moving average of $74.77 and a 200-day simple moving average of $85.17.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, beating 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 company had revenue of $646.00 million for the quarter, compared to analyst estimates of $632.24 million. Equities analysts predict that Okta, Inc. will post 0.19 earnings per share for the current year.

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.