Cetera Investment Advisers Reduces Stake in Okta, Inc. (NASDAQ:OKTA)

Cetera Investment Advisers reduced its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 14.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,760 shares of the company’s stock after selling 2,505 shares during the quarter. Cetera Investment Advisers’ holdings in Okta were worth $1,382,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in OKTA. City State Bank increased its position in shares of Okta by 160.0% during the 1st quarter. City State Bank now owns 260 shares of the company’s stock valued at $27,000 after purchasing an additional 160 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake 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 acquiring an additional 142 shares during the period. First Command Advisory Services Inc. bought a new stake in shares of Okta in the 2nd quarter worth about $47,000. nVerses Capital LLC purchased a new position in shares of Okta during the 2nd quarter worth about $47,000. Finally, Future Financial Wealth Managment LLC bought a new position in Okta during the 1st quarter valued at about $63,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Todd Mckinnon sold 32,516 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $76.22, for a total value of $2,478,369.52. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Todd Mckinnon sold 32,516 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $76.22, for a total value of $2,478,369.52. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Larissa Schwartz sold 2,790 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $74.01, for a total transaction of $206,487.90. Following the transaction, the insider now directly owns 27,713 shares of the company’s stock, valued at approximately $2,051,039.13. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 511,029 shares of company stock valued at $43,610,757 over the last quarter. 7.00% of the stock is currently owned by company insiders.

Okta Price Performance

NASDAQ OKTA opened at $78.65 on Wednesday. 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 firm has a market capitalization of $13.23 billion, a P/E ratio of -47.10, a P/E/G ratio of 26.91 and a beta of 1.02. Okta, Inc. has a 12-month low of $65.04 and a 12-month high of $114.50. The firm’s fifty day simple moving average is $81.23 and its two-hundred day simple moving average is $89.69.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, topping 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%. Analysts forecast that Okta, Inc. will post 0.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on OKTA shares. DA Davidson decreased 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. Westpark Capital reiterated a “buy” rating and issued a $140.00 target price on shares of Okta in a research note on Thursday, August 29th. JPMorgan Chase & Co. lowered their target price 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. Scotiabank reduced their price target on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 29th. Finally, Piper Sandler decreased their price objective on shares of Okta from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $104.43.

Okta Company 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.