Ensign Peak Advisors Inc Cuts Stake in Okta, Inc. (NASDAQ:OKTA)

Ensign Peak Advisors Inc decreased its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 3.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 231,977 shares of the company’s stock after selling 8,471 shares during the period. Ensign Peak Advisors Inc owned 0.14% of Okta worth $21,715,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. City State Bank raised 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 worth $27,000 after purchasing an additional 160 shares during the period. EverSource Wealth Advisors LLC raised its stake 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 acquiring an additional 142 shares during the period. First Command Advisory Services Inc. purchased a new stake in Okta during the 2nd quarter worth $47,000. nVerses Capital LLC acquired a new stake in Okta in the 2nd quarter valued at $47,000. Finally, Principal Securities Inc. purchased a new position in Okta in the fourth quarter valued at about $48,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Todd Mckinnon sold 179,687 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $93.42, for a total value of $16,786,359.54. Following the completion of the sale, the chief executive officer now directly owns 47,883 shares of the company’s stock, valued at approximately $4,473,229.86. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Jacques Frederic Kerrest sold 3,280 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $95.64, for a total transaction of $313,699.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd Mckinnon sold 179,687 shares of Okta stock in a transaction on Friday, July 19th. The stock was sold at an average price of $93.42, for a total value of $16,786,359.54. Following the completion of the transaction, the chief executive officer now owns 47,883 shares in the company, valued at $4,473,229.86. The disclosure for this sale can be found here. Insiders sold 347,411 shares of company stock valued at $32,837,280 over the last 90 days. 7.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on OKTA shares. JPMorgan Chase & Co. lowered their target price on Okta from $110.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. Wedbush reissued an “outperform” rating and issued a $130.00 price objective on shares of Okta in a research report on Wednesday, May 29th. Guggenheim reaffirmed a “buy” rating and set a $130.00 target price on shares of Okta in a research report on Tuesday, June 25th. Robert W. Baird reduced their price target on Okta from $108.00 to $105.00 and set an “outperform” rating for the company in a report on Thursday, August 29th. Finally, DA Davidson dropped their price objective on Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Okta currently has a consensus rating of “Hold” and an average target price of $105.14.

Okta Stock Performance

Shares of NASDAQ OKTA opened at $75.75 on Monday. Okta, Inc. has a 12-month low of $65.04 and a 12-month high of $114.50. The company has a market cap of $12.74 billion, a PE ratio of -45.36, a P/E/G ratio of 41.00 and a beta of 1.01. The stock has a 50 day simple moving average of $87.37 and a 200-day simple moving average of $93.50. 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 announced 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. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. The company had revenue of $646.00 million during the quarter, compared to analyst estimates of $632.24 million. On average, equities research analysts forecast that Okta, Inc. will post 0.08 EPS for the current year.

Okta 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.