Kingswood Wealth Advisors LLC Decreases Stock Position in Okta, Inc. (NASDAQ:OKTA)

Kingswood Wealth Advisors LLC trimmed its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 27.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,326 shares of the company’s stock after selling 867 shares during the period. Kingswood Wealth Advisors LLC’s holdings in Okta were worth $243,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. City State Bank boosted its position in shares of Okta by 160.0% during the first 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 last quarter. GAMMA Investing LLC bought a new stake in shares of Okta in the fourth quarter worth approximately $29,000. Principal Securities Inc. bought a new stake in shares of Okta in the fourth quarter worth approximately $48,000. Tucker Asset Management LLC purchased a new position in shares of Okta during the third quarter valued at approximately $65,000. Finally, UMB Bank n.a. lifted its position in Okta by 150.5% during the fourth quarter. UMB Bank n.a. now owns 749 shares of the company’s stock valued at $68,000 after purchasing an additional 450 shares during the period. Institutional investors own 86.64% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on OKTA shares. BMO Capital Markets cut their target price on shares of Okta from $110.00 to $100.00 and set a “market perform” rating for the company in a research report on Monday, June 3rd. Evercore ISI upgraded Okta from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $102.00 to $122.00 in a research report on Thursday, May 30th. UBS Group dropped their target price on Okta from $130.00 to $120.00 and set a “buy” rating on the stock in a research report on Thursday, May 30th. Wedbush reaffirmed an “outperform” rating and set a $130.00 price target on shares of Okta in a research report on Wednesday, May 29th. Finally, Guggenheim reissued a “buy” rating and issued a $130.00 price objective on shares of Okta in a report on Tuesday, June 25th. Nineteen research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $105.58.

Insider Transactions at Okta

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

Okta Price Performance

Shares of Okta stock opened at $93.61 on Friday. 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 12 month low of $65.04 and a 12 month high of $114.50. The stock has a 50 day moving average of $93.41 and a 200 day moving average of $92.83. The firm has a market cap of $15.75 billion, a PE ratio of -56.05 and a beta of 1.03.

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

About Okta

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.