Okta, Inc. (NASDAQ:OKTA) General Counsel Sells $186,662.77 in Stock

Okta, Inc. (NASDAQ:OKTAGet Rating) General Counsel Jonathan T. Runyan sold 3,143 shares of the stock in a transaction that occurred on Friday, September 16th. The shares were sold at an average price of $59.39, for a total value of $186,662.77. Following the completion of the sale, the general counsel now directly owns 446 shares of the company’s stock, valued at approximately $26,487.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Okta Trading Down 2.6 %

NASDAQ:OKTA opened at $56.97 on Thursday. The firm has a market cap of $9.05 billion, a PE ratio of -9.66 and a beta of 1.08. The stock has a fifty day moving average price of $87.69 and a 200 day moving average price of $107.16. Okta, Inc. has a 12-month low of $56.85 and a 12-month high of $272.27. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 0.40.

Okta (NASDAQ:OKTAGet Rating) last released its earnings results on Wednesday, August 31st. The company reported ($1.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.41) by $0.22. The firm had revenue of $435.38 million during the quarter, compared to analyst estimates of $430.66 million. Okta had a negative return on equity of 13.18% and a negative net margin of 57.21%. Okta’s revenue was up 43.6% compared to the same quarter last year. During the same period last year, the business posted ($1.35) earnings per share. Sell-side analysts anticipate that Okta, Inc. will post -5.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of OKTA. Deer Management Co. LLC purchased a new position in Okta in the fourth quarter valued at $614,155,000. Norges Bank acquired a new stake in Okta in the fourth quarter valued at $240,716,000. Atreides Management LP acquired a new stake in Okta in the fourth quarter valued at $174,716,000. Renaissance Technologies LLC raised its stake in Okta by 134.8% in the second quarter. Renaissance Technologies LLC now owns 1,077,000 shares of the company’s stock valued at $97,361,000 after buying an additional 618,300 shares in the last quarter. Finally, Steadfast Capital Management LP raised its stake in Okta by 5,021.3% in the first quarter. Steadfast Capital Management LP now owns 541,731 shares of the company’s stock valued at $81,780,000 after buying an additional 531,153 shares in the last quarter. 75.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Truist Financial cut their price target on Okta from $140.00 to $100.00 and set a “hold” rating for the company in a report on Thursday, September 1st. Oppenheimer cut their price target on Okta from $140.00 to $115.00 and set an “outperform” rating for the company in a report on Thursday, September 1st. Canaccord Genuity Group cut Okta from a “buy” rating to a “hold” rating and cut their price target for the company from $155.00 to $85.00 in a report on Thursday, September 1st. Wells Fargo & Company cut their price target on Okta to $100.00 in a report on Tuesday, September 6th. Finally, Summit Insights reaffirmed a “buy” rating on shares of Okta in a report on Thursday, June 2nd. Fourteen equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $116.73.

About Okta

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Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products and services, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway that enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications; and Advanced Server Access to secure cloud infrastructure.

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