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

Principal Financial Group Inc. lessened its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 5.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,726 shares of the company’s stock after selling 654 shares during the period. Principal Financial Group Inc.’s holdings in Okta were worth $872,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Future Financial Wealth Managment LLC purchased a new stake in shares of Okta during the third quarter valued at $26,000. Blue Trust Inc. grew its stake in Okta by 105.5% during the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after purchasing an additional 191 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Okta by 71.4% in the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after purchasing an additional 142 shares during the period. First Command Advisory Services Inc. acquired a new position in shares of Okta in the second quarter valued at about $47,000. Finally, nVerses Capital LLC purchased a new position in shares of Okta in the second quarter worth about $47,000. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta Stock Up 1.5 %

Shares of OKTA opened at $76.57 on Friday. The stock has a 50 day moving average price of $74.72 and a 200 day moving average price of $85.40. Okta, Inc. has a one year low of $66.69 and a one year high of $114.50. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. The stock has a market capitalization of $13.01 billion, a price-to-earnings ratio of -91.15, a PEG ratio of 18.47 and a beta of 1.02.

Okta (NASDAQ:OKTA) last issued its earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.29. The business had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. Equities research analysts forecast that Okta, Inc. will post 0.19 earnings per share for the current fiscal year.

Insider Buying and Selling at Okta

In other Okta news, CRO Jonathan James Addison sold 9,850 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $77.63, for a total value of $764,655.50. Following the completion of the sale, the executive now directly owns 14,601 shares in the company, valued at $1,133,475.63. This represents a 40.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd Mckinnon sold 224,533 shares of the firm’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $74.62, for a total value of $16,754,652.46. The disclosure for this sale can be found here. In the last quarter, insiders sold 475,789 shares of company stock worth $35,701,361. Insiders own 7.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on OKTA shares. Morgan Stanley dropped their target price on Okta from $100.00 to $92.00 and set an “equal weight” rating on the stock in a research report on Monday, November 4th. Piper Sandler dropped their price objective on shares of Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, October 17th. BMO Capital Markets increased their price objective on shares of Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a research note on Thursday, August 29th. Royal Bank of Canada decreased their target price 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. Finally, Canaccord Genuity Group cut their price target on Okta from $90.00 to $82.00 and set a “hold” rating on the stock in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Okta currently has a consensus rating of “Hold” and an average target price of $98.30.

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.