Okta, Inc. (NASDAQ:OKTA) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. trimmed its position in shares of Okta, Inc. (NASDAQ:OKTA) by 1.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,669 shares of the company’s stock after selling 142 shares during the period. PNC Financial Services Group Inc.’s holdings in Okta were worth $694,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Okta by 2.9% during the 4th quarter. Vanguard Group Inc. now owns 15,719,619 shares of the company’s stock worth $1,423,097,000 after purchasing an additional 438,496 shares in the last quarter. Sands Capital Management LLC raised its holdings in shares of Okta by 42.3% during the 4th quarter. Sands Capital Management LLC now owns 8,358,414 shares of the company’s stock valued at $756,687,000 after buying an additional 2,486,456 shares during the period. First Trust Advisors LP lifted its position in Okta by 28.1% during the 4th quarter. First Trust Advisors LP now owns 4,085,430 shares of the company’s stock worth $369,854,000 after acquiring an additional 897,216 shares in the last quarter. Cerity Partners LLC boosted its holdings in Okta by 6,192.3% in the 4th quarter. Cerity Partners LLC now owns 3,172,223 shares of the company’s stock worth $287,181,000 after acquiring an additional 3,121,809 shares during the period. Finally, Eminence Capital LP grew its position in Okta by 19.4% in the fourth quarter. Eminence Capital LP now owns 1,910,621 shares of the company’s stock valued at $172,969,000 after acquiring an additional 310,918 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Jacques Frederic Kerrest sold 1,552 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $86.99, for a total transaction of $135,008.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 7.00% of the company’s stock.

Okta Stock Performance

NASDAQ:OKTA opened at $88.90 on Wednesday. The company has a 50-day moving average of $93.51 and a 200-day moving average of $92.61. The firm has a market cap of $14.96 billion, a price-to-earnings ratio of -53.23 and a beta of 1.03. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.19. Okta, Inc. has a twelve month low of $65.04 and a twelve month high of $114.50.

Okta (NASDAQ:OKTA) last issued its earnings results on Wednesday, May 29th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.27. The firm had revenue of $617.00 million during the quarter, compared to analysts’ expectations of $604.33 million. Okta had a negative net margin of 11.69% and a negative return on equity of 3.81%. Analysts forecast that Okta, Inc. will post -0.28 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Truist Financial reaffirmed a “hold” rating and set a $105.00 price target (up previously from $85.00) on shares of Okta in a research note on Thursday, February 29th. Royal Bank of Canada reiterated an “outperform” rating and issued a $125.00 price target on shares of Okta in a research note on Monday, June 17th. Susquehanna dropped their price target on shares of Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a research note on Thursday, May 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $130.00 price target on shares of Okta in a research report on Thursday, May 30th. Finally, Sanford C. Bernstein boosted their price objective on Okta from $84.00 to $114.00 and gave the company a “market perform” rating in a report on Thursday, February 29th. Nineteen analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $105.58.

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.