Oppenheimer & Co. Inc. Decreases Position in Okta, Inc. (NASDAQ:OKTA)

Oppenheimer & Co. Inc. reduced its holdings in Okta, Inc. (NASDAQ:OKTA) by 59.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,953 shares of the company’s stock after selling 7,233 shares during the period. Oppenheimer & Co. Inc.’s holdings in Okta were worth $368,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Future Financial Wealth Managment LLC purchased a new stake in shares of Okta during the 3rd quarter valued at approximately $26,000. Blue Trust Inc. raised its position in shares of Okta by 105.5% during the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after acquiring an additional 191 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Okta by 71.4% during 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. acquired a new position in Okta in the second quarter valued at $47,000. Finally, nVerses Capital LLC purchased a new position in Okta during the 2nd quarter worth approximately $47,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft lowered shares of Okta from a “buy” rating to a “hold” rating and dropped their price objective for the company from $115.00 to $85.00 in a research note on Tuesday, November 12th. Morgan Stanley dropped their target price on shares of Okta from $100.00 to $92.00 and set an “equal weight” rating for the company in a report on Monday, November 4th. Citigroup cut their price target on Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. Truist Financial reduced their target price on Okta from $95.00 to $80.00 and set a “hold” rating on the stock in a research note on Thursday, October 17th. Finally, Jefferies Financial Group lowered their price target on shares of Okta from $100.00 to $85.00 and set a “hold” rating for the company in a report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, Okta presently has a consensus rating of “Hold” and an average price target of $98.30.

Insider Transactions at Okta

In other Okta news, insider Larissa Schwartz sold 2,790 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $74.01, for a total value of $206,487.90. Following the completion of the sale, the insider now owns 27,713 shares in the company, valued at approximately $2,051,039.13. This trade represents a 9.15 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Todd Mckinnon sold 224,533 shares of the company’s stock in a transaction on Friday, October 18th. The shares were 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. Insiders sold a total of 475,789 shares of company stock worth $35,701,361 over the last three months. 7.00% of the stock is owned by company insiders.

Okta Stock Performance

NASDAQ:OKTA opened at $75.45 on Friday. Okta, Inc. has a fifty-two week low of $66.69 and a fifty-two week high of $114.50. The stock has a fifty day moving average price of $74.67 and a 200-day moving average price of $85.65. 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 company has a market cap of $12.82 billion, a price-to-earnings ratio of -89.82, a PEG ratio of 18.24 and a beta of 1.02.

Okta (NASDAQ:OKTA) last released its quarterly earnings data 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. The business had revenue of $646.00 million for the quarter, compared to analyst estimates of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. As a group, equities analysts anticipate that Okta, Inc. will post 0.19 EPS for the current fiscal year.

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.