Benjamin F. Edwards & Company Inc. Lowers Stake in Okta, Inc. (NASDAQ:OKTA)

Benjamin F. Edwards & Company Inc. cut its stake in Okta, Inc. (NASDAQ:OKTA) by 1.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,376 shares of the company’s stock after selling 159 shares during the period. Benjamin F. Edwards & Company Inc.’s holdings in Okta were worth $1,065,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. City State Bank grew its stake in Okta by 160.0% in the 1st quarter. City State Bank now owns 260 shares of the company’s stock worth $27,000 after acquiring an additional 160 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 in the last quarter. First Command Advisory Services Inc. purchased a new position in Okta during the 2nd quarter worth $47,000. nVerses Capital LLC purchased a new position in Okta during the 2nd quarter worth $47,000. Finally, Future Financial Wealth Managment LLC bought a new stake in Okta during the 1st quarter valued at $63,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Analyst Upgrades and Downgrades

OKTA has been the topic of several research reports. Stifel Nicolaus cut their price target on Okta from $122.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Bank of America lowered shares of Okta from a “buy” rating to an “underperform” rating and reduced their price target for the company from $135.00 to $75.00 in a report on Thursday, August 29th. Jefferies Financial Group dropped their price objective on shares of Okta from $110.00 to $100.00 and set a “hold” rating on the stock in a research note on Thursday, August 29th. JPMorgan Chase & Co. reduced their price objective on shares of Okta from $110.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $130.00 target price on shares of Okta in a research 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $105.14.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 179,687 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 47,883 shares in the company, valued at $4,473,229.86. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Todd Mckinnon sold 179,687 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 47,883 shares in the company, valued at $4,473,229.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Larissa Schwartz sold 2,790 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $74.01, for a total value of $206,487.90. Following the transaction, the insider now directly owns 27,713 shares of the company’s stock, valued at $2,051,039.13. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 347,411 shares of company stock worth $32,837,280. 7.00% of the stock is owned by company insiders.

Okta Stock Performance

NASDAQ OKTA opened at $76.18 on Tuesday. The firm has a market capitalization of $12.82 billion, a P/E ratio of -45.62, a PEG ratio of 41.00 and a beta of 1.01. The stock has a 50-day simple moving average of $86.92 and a two-hundred day simple moving average of $93.25. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. Okta, Inc. has a fifty-two week low of $65.04 and a fifty-two week high of $114.50.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $632.24 million. On average, equities analysts forecast that Okta, Inc. will post 0.08 earnings per share 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.