Daiwa Securities Group Inc. Has $1.20 Million Stock Holdings in Okta, Inc. (NASDAQ:OKTA)

Daiwa Securities Group Inc. trimmed its position in shares of Okta, Inc. (NASDAQ:OKTA) by 3.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,115 shares of the company’s stock after selling 493 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Okta were worth $1,198,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Future Financial Wealth Managment LLC acquired a new stake in shares of Okta during the third quarter valued at about $26,000. Blue Trust Inc. boosted its stake in shares of Okta by 105.5% during the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after purchasing an additional 191 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Okta by 71.4% during the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after purchasing an additional 142 shares in the last quarter. First Command Advisory Services Inc. acquired a new position in shares of Okta in the second quarter worth approximately $47,000. Finally, nVerses Capital LLC acquired a new position in shares of Okta in the second quarter worth approximately $47,000. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Stock Performance

Shares of NASDAQ OKTA opened at $77.56 on Friday. The stock has a market cap of $13.17 billion, a price-to-earnings ratio of -92.33, a P/E/G ratio of 18.71 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. Okta, Inc. has a 1-year low of $66.69 and a 1-year high of $114.50. The stock’s 50-day moving average is $74.90 and its 200 day moving average is $84.90.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.29. The company had revenue of $646.00 million for the quarter, compared to analysts’ expectations of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. On average, sell-side analysts anticipate that Okta, Inc. will post 0.19 EPS for the current fiscal year.

Insider Activity at Okta

In related news, CRO Jonathan James Addison sold 9,850 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $77.63, for a total transaction of $764,655.50. Following the transaction, the executive now directly owns 14,601 shares in the company, valued at $1,133,475.63. This trade represents a 40.28 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd Mckinnon sold 200,512 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $75.21, for a total value of $15,080,507.52. Following the transaction, the chief executive officer now owns 8,495 shares in the company, valued at approximately $638,908.95. The trade was a 95.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 475,789 shares of company stock valued at $35,701,361. Corporate insiders own 7.00% of the company’s stock.

Analyst Upgrades and Downgrades

OKTA has been the topic of a number of recent analyst reports. Bank of America lowered Okta from a “buy” rating to an “underperform” rating and cut their price objective for the stock from $135.00 to $75.00 in a research note on Thursday, August 29th. DA Davidson lowered their target price on Okta from $85.00 to $75.00 and set a “neutral” rating for the company in a report on Thursday, October 17th. Scotiabank lowered their target price on Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a report on Thursday, August 29th. Citigroup lowered their target price on Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. Finally, Barclays initiated coverage on Okta in a report on Tuesday, November 19th. They issued an “equal weight” rating and a $81.00 target price for the company. 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $97.63.

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.