American Trust Boosts Holdings in Okta, Inc. (NASDAQ:OKTA)

American Trust lifted its holdings in Okta, Inc. (NASDAQ:OKTA) by 118.7% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 7,122 shares of the company’s stock after acquiring an additional 3,865 shares during the quarter. American Trust’s holdings in Okta were worth $667,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in OKTA. Sanctuary Advisors LLC bought a new stake in Okta in the second quarter worth $460,000. Creekside Partners purchased a new position in shares of Okta in the second quarter worth about $250,000. Truist Financial Corp lifted its stake in shares of Okta by 62.5% in the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after acquiring an additional 200,770 shares during the last quarter. Invst LLC purchased a new stake in Okta during the 2nd quarter valued at about $226,000. Finally, Nemes Rush Group LLC grew its position in Okta by 155.4% during the 2nd quarter. Nemes Rush Group LLC now owns 1,267 shares of the company’s stock worth $119,000 after acquiring an additional 771 shares during the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on OKTA shares. Westpark Capital reiterated a “buy” rating and issued a $140.00 price objective on shares of Okta in a research report on Thursday, August 29th. JPMorgan Chase & Co. dropped their price target on shares of Okta from $110.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. Royal Bank of Canada reissued an “outperform” rating and issued a $125.00 price target on shares of Okta in a report on Thursday, August 29th. DA Davidson lowered their price objective on shares of Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. Finally, Susquehanna cut their target price on Okta from $110.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $104.62.

Okta Trading Down 2.4 %

NASDAQ OKTA opened at $72.58 on Wednesday. The stock’s fifty day moving average price is $84.33 and its 200-day moving average price is $91.82. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. The stock has a market cap of $12.21 billion, a P/E ratio of -43.46, a P/E/G ratio of 37.51 and a beta of 1.01. Okta, Inc. has a 12 month low of $65.04 and a 12 month high of $114.50.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, beating the consensus estimate of ($0.08) by $0.29. The company had revenue of $646.00 million for the quarter, compared to the consensus estimate of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. As a group, equities analysts forecast that Okta, Inc. will post 0.09 EPS for the current fiscal year.

Insider Buying and Selling

In other Okta news, CEO Todd Mckinnon sold 179,687 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $93.42, for a total transaction of $16,786,359.54. Following the sale, the chief executive officer now directly owns 47,883 shares in the company, valued at approximately $4,473,229.86. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 transaction of $16,786,359.54. Following the transaction, the chief executive officer now owns 47,883 shares in the company, valued at approximately $4,473,229.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,792 shares of Okta stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $99.40, for a total transaction of $277,524.80. Following the completion of the sale, the insider now owns 29,809 shares of the company’s stock, valued at $2,963,014.60. The disclosure for this sale can be found here. Insiders sold a total of 575,059 shares of company stock worth $49,882,706 in the last three months. Insiders own 7.00% of the company’s stock.

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.