Okta, Inc. (NASDAQ:OKTA) Position Reduced by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. trimmed its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 3.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 365,027 shares of the company’s stock after selling 13,909 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.22% of Okta worth $33,046,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. NBC Securities Inc. bought a new position in Okta during the 3rd quarter valued at $27,000. Harvest Fund Management Co. Ltd bought a new position in shares of Okta in the 3rd quarter worth about $39,000. Alpha Paradigm Partners LLC bought a new position in shares of Okta in the 3rd quarter worth about $41,000. Coppell Advisory Solutions LLC bought a new position in shares of Okta in the 2nd quarter worth about $46,000. Finally, First Manhattan CO. LLC. lifted its position in shares of Okta by 365.5% in the 1st quarter. First Manhattan CO. LLC. now owns 540 shares of the company’s stock worth $47,000 after buying an additional 424 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on OKTA shares. JPMorgan Chase & Co. raised their price target on shares of Okta from $74.00 to $88.00 and gave the stock a “neutral” rating in a research report on Monday, February 26th. The Goldman Sachs Group raised their price target on shares of Okta from $105.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Sanford C. Bernstein raised their price target on shares of Okta from $84.00 to $114.00 and gave the stock a “market perform” rating in a research report on Thursday, February 29th. Piper Sandler increased their price objective on shares of Okta from $85.00 to $110.00 and gave the stock a “neutral” rating in a report on Thursday, February 29th. Finally, Canaccord Genuity Group increased their price objective on shares of Okta from $85.00 to $95.00 and gave the stock a “hold” rating in a report on Thursday, February 29th. Twenty equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $100.39.

Insider Transactions at Okta

In other news, Director Shellye L. Archambeau sold 5,000 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $106.96, for a total value of $534,800.00. Following the completion of the sale, the director now directly owns 6,042 shares in the company, valued at $646,252.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Shellye L. Archambeau sold 5,000 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $106.96, for a total value of $534,800.00. Following the completion of the sale, the director now directly owns 6,042 shares in the company, valued at $646,252.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Shibu Ninan sold 2,500 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $90.23, for a total transaction of $225,575.00. Following the completion of the sale, the chief accounting officer now owns 6,539 shares of the company’s stock, valued at $590,013.97. The disclosure for this sale can be found here. Insiders have sold a total of 11,779 shares of company stock valued at $1,205,990 over the last ninety days. Corporate insiders own 7.36% of the company’s stock.

Okta Stock Performance

NASDAQ:OKTA opened at $92.03 on Friday. Okta, Inc. has a twelve month low of $65.04 and a twelve month high of $114.50. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.20. The company has a 50-day moving average of $98.96 and a 200-day moving average of $85.88. The firm has a market cap of $15.41 billion, a price-to-earnings ratio of -42.41 and a beta of 1.00.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, February 28th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.49) by $0.35. The business had revenue of $605.00 million for the quarter, compared to the consensus estimate of $586.25 million. Okta had a negative net margin of 15.69% and a negative return on equity of 5.69%. Analysts forecast that Okta, Inc. will post -1.51 earnings per share for the current fiscal year.

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.