Okta, Inc. (NASDAQ:OKTA) Shares Sold by Palo Alto Wealth Advisors LLC

Palo Alto Wealth Advisors LLC cut its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 24.3% during the third quarter, HoldingsChannel.com reports. The fund owned 6,080 shares of the company’s stock after selling 1,955 shares during the quarter. Palo Alto Wealth Advisors LLC’s holdings in Okta were worth $450,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Marshall Wace LLP grew its position in shares of Okta by 117.4% in the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after purchasing an additional 1,227,890 shares during the period. Eminence Capital LP lifted its position in shares of Okta by 18.1% in the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after buying an additional 305,381 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its position in Okta by 232.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock valued at $29,479,000 after purchasing an additional 277,084 shares during the last quarter. Truist Financial Corp raised its stake in Okta by 62.5% during 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 in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Okta by 20.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock valued at $96,388,000 after purchasing an additional 178,011 shares in the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Insider Transactions at Okta

In related news, insider Larissa Schwartz sold 2,791 shares of the company’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the sale, the insider now owns 22,125 shares in the company, valued at $1,581,937.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Okta news, CEO Todd Mckinnon sold 32,516 shares of Okta stock in a transaction that occurred on Monday, September 23rd. The stock was 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 can be accessed through the SEC website. Also, insider Larissa Schwartz sold 2,791 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the transaction, the insider now directly owns 22,125 shares in the company, valued at approximately $1,581,937.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 475,789 shares of company stock worth $35,701,361. Insiders own 7.00% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Citigroup dropped their price target on Okta from $115.00 to $110.00 and set a “neutral” rating on the stock in a research report on Thursday, August 29th. Mizuho cut their target price on Okta from $104.00 to $92.00 and set a “neutral” rating for the company in a research report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft lowered shares of Okta from a “buy” rating to a “hold” rating and reduced their target price for the company from $115.00 to $85.00 in a research note on Tuesday. Stifel Nicolaus cut their price target on shares of Okta from $122.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Finally, JPMorgan Chase & Co. reduced their target price on Okta from $110.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Okta currently has a consensus rating of “Hold” and an average price target of $98.90.

Okta Stock Down 1.0 %

NASDAQ:OKTA traded down $0.78 during midday trading on Thursday, hitting $77.64. 508,717 shares of the company were exchanged, compared to its average volume of 1,913,104. Okta, Inc. has a fifty-two week low of $66.69 and a fifty-two week high of $114.50. The company has a market capitalization of $13.19 billion, a PE ratio of -93.36, a price-to-earnings-growth ratio of 17.89 and a beta of 1.02. 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 company has a fifty day simple moving average of $74.45 and a 200 day simple moving average of $86.42.

Okta (NASDAQ:OKTA) last posted its 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. The business had revenue of $646.00 million during the quarter, compared to the consensus estimate 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 earnings per share 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.