Okta, Inc. (NASDAQ:OKTA) CEO Todd Mckinnon Sells 3,921 Shares of Stock

Okta, Inc. (NASDAQ:OKTAGet Rating) CEO Todd Mckinnon sold 3,921 shares of Okta stock in a transaction dated Friday, September 16th. The stock was sold at an average price of $59.39, for a total transaction of $232,868.19. Following the transaction, the chief executive officer now directly owns 15,012 shares in the company, valued at $891,562.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Okta Stock Down 0.2 %

Shares of NASDAQ:OKTA opened at $58.91 on Tuesday. The stock has a market cap of $9.36 billion, a P/E ratio of -9.98 and a beta of 1.08. The firm has a fifty day moving average price of $89.24 and a 200 day moving average price of $107.85. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.38 and a quick ratio of 2.38. Okta, Inc. has a 1-year low of $57.71 and a 1-year high of $272.27.

Okta (NASDAQ:OKTAGet Rating) last announced its quarterly earnings data on Wednesday, August 31st. The company reported ($1.19) EPS for the quarter, topping analysts’ consensus estimates of ($1.41) by $0.22. The company had revenue of $435.38 million during the quarter, compared to the consensus estimate of $430.66 million. Okta had a negative net margin of 57.21% and a negative return on equity of 13.18%. Okta’s quarterly revenue was up 43.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.35) EPS. Sell-side analysts predict that Okta, Inc. will post -5.15 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on OKTA shares. DA Davidson reduced their target price on shares of Okta from $105.00 to $80.00 and set a “neutral” rating on the stock in a research note on Thursday, September 1st. Morgan Stanley downgraded shares of Okta from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $150.00 to $93.00 in a research note on Thursday, September 1st. Canaccord Genuity Group downgraded shares of Okta from a “buy” rating to a “hold” rating and reduced their price target for the company from $155.00 to $85.00 in a research note on Thursday, September 1st. Jefferies Financial Group initiated coverage on shares of Okta in a research note on Thursday, September 15th. They issued a “buy” rating and a $90.00 price target on the stock. Finally, Citigroup boosted their price target on shares of Okta from $105.00 to $130.00 in a research note on Friday, June 3rd. Fourteen investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $116.73.

Hedge Funds Weigh In On Okta

A number of large investors have recently bought and sold shares of OKTA. Principal Financial Group Inc. raised its position in Okta by 5.4% during the 4th quarter. Principal Financial Group Inc. now owns 16,706 shares of the company’s stock worth $3,745,000 after buying an additional 849 shares during the last quarter. abrdn plc increased its holdings in shares of Okta by 9.4% in the 4th quarter. abrdn plc now owns 19,433 shares of the company’s stock valued at $4,357,000 after purchasing an additional 1,670 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Okta by 20.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 444,935 shares of the company’s stock valued at $99,742,000 after purchasing an additional 74,374 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Okta by 15.1% in the 4th quarter. Geode Capital Management LLC now owns 1,805,097 shares of the company’s stock valued at $404,114,000 after purchasing an additional 236,403 shares in the last quarter. Finally, Hoylecohen LLC purchased a new position in shares of Okta in the 4th quarter valued at about $215,000. Hedge funds and other institutional investors own 75.47% of the company’s stock.

About Okta

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Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products and services, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway that enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications; and Advanced Server Access to secure cloud infrastructure.

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Insider Buying and Selling by Quarter for Okta (NASDAQ:OKTA)

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