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

Okta, Inc. (NASDAQ:OKTA)’s stock price fell 3.4% during trading on Wednesday following insider selling activity. The stock traded as low as $75.36 and last traded at $75.96. 2,278,984 shares changed hands during mid-day trading, an increase of 18% from the average session volume of 1,930,123 shares. The stock had previously closed at $78.65.

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on OKTA. BMO Capital Markets boosted their price target on Okta from $100.00 to $103.00 and gave the company a “market perform” rating in a report on Thursday, August 29th. Bank of America lowered Okta from a “buy” rating to an “underperform” rating and lowered their price target for the company from $135.00 to $75.00 in a report on Thursday, August 29th. Guggenheim reiterated a “buy” rating and issued a $130.00 price target on shares of Okta in a report on Tuesday, June 25th. Needham & Company LLC began coverage on Okta in a report on Thursday. They issued a “buy” rating and a $100.00 price target for the company. Finally, Wells Fargo & Company lowered their price target on Okta from $90.00 to $80.00 and set an “equal weight” rating for the company in a report on Thursday. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $99.38.

Okta Stock Performance

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 stock has a market capitalization of $12.59 billion, a PE ratio of -44.80, a PEG ratio of 26.91 and a beta of 1.02. The firm has a 50 day moving average price of $80.44 and a 200-day moving average price of $89.29.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results 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. The company had revenue of $646.00 million during the quarter, compared to analyst estimates of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. Research analysts expect that Okta, Inc. will post 0.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Okta

Several hedge funds have recently added to or reduced their stakes in the business. Future Financial Wealth Managment LLC acquired a new position in shares of Okta in the 3rd quarter valued at about $26,000. City State Bank lifted its holdings in shares of Okta by 160.0% in the 1st quarter. City State Bank now owns 260 shares of the company’s stock valued at $27,000 after buying an additional 160 shares during the period. Blue Trust Inc. lifted its holdings 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 buying an additional 191 shares during the period. EverSource Wealth Advisors LLC lifted its holdings 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 buying an additional 142 shares during the period. Finally, First Command Advisory Services Inc. acquired a new position in shares of Okta in the 2nd quarter valued at about $47,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

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.