Okta, Inc. (NASDAQ:OKTA) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lowered its position in shares of Okta, Inc. (NASDAQ:OKTAFree Report) by 2.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 90,398 shares of the company’s stock after selling 2,084 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Okta were worth $7,368,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Handelsbanken Fonder AB increased its position in shares of Okta by 26.5% during the second quarter. Handelsbanken Fonder AB now owns 30,681 shares of the company’s stock worth $2,128,000 after purchasing an additional 6,434 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its position in Okta by 11.1% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 139,384 shares of the company’s stock valued at $11,361,000 after acquiring an additional 13,873 shares during the period. abrdn plc increased its position in Okta by 9.7% in the 2nd quarter. abrdn plc now owns 101,697 shares of the company’s stock valued at $7,053,000 after acquiring an additional 9,024 shares during the period. Pinebridge Investments L.P. increased its position in Okta by 3.0% in the 2nd quarter. Pinebridge Investments L.P. now owns 130,680 shares of the company’s stock valued at $9,063,000 after acquiring an additional 3,777 shares during the period. Finally, NewEdge Wealth LLC increased its position in Okta by 17.9% in the 3rd quarter. NewEdge Wealth LLC now owns 165,587 shares of the company’s stock valued at $13,497,000 after acquiring an additional 25,162 shares during the period. Institutional investors and hedge funds own 77.52% of the company’s stock.

Okta Trading Up 3.7 %

OKTA stock opened at $87.85 on Monday. The company has a market cap of $14.53 billion, a price-to-earnings ratio of -30.72 and a beta of 0.94. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.23. The business has a fifty day simple moving average of $83.41 and a 200-day simple moving average of $78.59. Okta, Inc. has a 52 week low of $65.04 and a 52 week high of $92.38.

Okta (NASDAQ:OKTAGet Free Report) last released its quarterly earnings data on Wednesday, November 29th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.14. The business had revenue of $584.00 million during the quarter, compared to the consensus estimate of $560.58 million. Okta had a negative return on equity of 7.53% and a negative net margin of 21.40%. The business’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.09) EPS. On average, equities research analysts expect that Okta, Inc. will post -2.46 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on OKTA shares. TD Cowen restated a “market perform” rating and issued a $74.00 price target (down previously from $100.00) on shares of Okta in a research report on Thursday, November 30th. Wells Fargo & Company reissued an “equal weight” rating and set a $70.00 price target (down previously from $80.00) on shares of Okta in a research note on Thursday, November 30th. BMO Capital Markets decreased their price target on Okta from $90.00 to $80.00 and set a “market perform” rating on the stock in a research note on Thursday, November 30th. Piper Sandler lowered Okta from an “overweight” rating to a “neutral” rating in a research note on Wednesday, November 29th. Finally, JPMorgan Chase & Co. decreased their price target on Okta from $85.00 to $74.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 14th. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $87.81.

Read Our Latest Report on OKTA

Insider Transactions at Okta

In other news, CEO Todd Mckinnon sold 7,449 shares of the company’s stock in a transaction on Monday, December 18th. The stock was sold at an average price of $83.33, for a total transaction of $620,725.17. Following the completion of the sale, the chief executive officer now directly owns 43,006 shares in the company, valued at approximately $3,583,689.98. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Larissa Schwartz sold 872 shares of the company’s stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $82.83, for a total transaction of $72,227.76. Following the completion of the sale, the insider now directly owns 22,125 shares of the company’s stock, valued at approximately $1,832,613.75. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Todd Mckinnon sold 7,449 shares of the company’s stock in a transaction on Monday, December 18th. The stock was sold at an average price of $83.33, for a total transaction of $620,725.17. Following the sale, the chief executive officer now directly owns 43,006 shares of the company’s stock, valued at $3,583,689.98. The disclosure for this sale can be found here. Insiders sold a total of 19,743 shares of company stock worth $1,631,799 in the last ninety days. Insiders own 7.36% of the company’s stock.

Okta Company Profile

(Free Report)

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's, a suite of products and services is used to manage and secure identities, 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 enables organizations to extend the Workforce Identity Cloud; Advanced Server Access to manage and secure cloud infrastructure; and Okta Identity Governance, an identity access management and identity governance solutions.

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Institutional Ownership by Quarter for Okta (NASDAQ:OKTA)

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