Oppenheimer & Co. Inc. Reduces Stock Holdings in Okta, Inc. (NASDAQ:OKTA)

Oppenheimer & Co. Inc. cut its stake in Okta, Inc. (NASDAQ:OKTA) by 59.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,953 shares of the company’s stock after selling 7,233 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Okta were worth $368,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Future Financial Wealth Managment LLC purchased a new position in shares of Okta during the 3rd quarter worth approximately $26,000. Blue Trust Inc. boosted its position in shares of Okta by 105.5% during the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after purchasing an additional 191 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Okta by 71.4% in the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after purchasing an additional 142 shares during the period. First Command Advisory Services Inc. bought a new position in Okta in the second quarter worth $47,000. Finally, nVerses Capital LLC purchased a new position in Okta during the second quarter valued at $47,000. 86.64% of the stock is currently owned by institutional investors.

Okta Trading Up 2.4 %

NASDAQ:OKTA opened at $75.45 on Friday. The firm has a market cap of $12.82 billion, a PE ratio of -89.82, a price-to-earnings-growth ratio of 18.24 and a beta of 1.02. Okta, Inc. has a 12-month low of $66.69 and a 12-month high of $114.50. The stock has a fifty day moving average price of $74.67 and a 200 day moving average price of $85.65. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18.

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 during 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%. Sell-side analysts anticipate that Okta, Inc. will post 0.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on OKTA. Truist Financial reduced their price objective on Okta from $95.00 to $80.00 and set a “hold” rating for the company in a research report on Thursday, October 17th. Scotiabank lowered their price target on Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a research report on Thursday, August 29th. The Goldman Sachs Group reduced their price objective on shares of Okta from $113.00 to $97.00 and set a “buy” rating for the company in a research note on Tuesday, October 22nd. Citigroup decreased their target price on shares of Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. Finally, Royal Bank of Canada reduced their price target on shares of Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Okta presently has an average rating of “Hold” and an average price target of $98.30.

Insider Activity

In other Okta news, insider Larissa Schwartz sold 2,790 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $74.01, for a total transaction of $206,487.90. Following the completion of the transaction, the insider now directly owns 27,713 shares in the company, valued at approximately $2,051,039.13. This trade represents a 9.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Todd Mckinnon sold 32,516 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $76.22, for a total value of $2,478,369.52. The disclosure for this sale can be found here. Insiders sold 475,789 shares of company stock worth $35,701,361 in the last 90 days. 7.00% of the stock is currently owned by corporate insiders.

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.