Okta (NASDAQ:OKTA) Stock Price Down 3.4% After Insider Selling

Okta, Inc. (NASDAQ:OKTA) shares fell 3.4% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $75.36 and last traded at $75.96. 2,278,984 shares traded hands during mid-day trading, an increase of 18% from the average session volume of 1,930,123 shares. The stock had previously closed at $78.65.

Specifically, insider Larissa Schwartz sold 2,797 shares of Okta stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $77.63, for a total value of $217,131.11. Following the completion of the transaction, the insider now owns 24,916 shares in the company, valued at $1,934,229.08. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Jonathan James Addison sold 9,850 shares of the business’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 value of $764,655.50. Following the sale, the executive now owns 14,601 shares of the company’s stock, valued at approximately $1,133,475.63. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

OKTA has been the subject of several research reports. BMO Capital Markets boosted their price objective on Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a research note on Thursday, August 29th. Mizuho cut their price objective on Okta from $104.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday. DA Davidson cut their price objective on Okta from $85.00 to $75.00 and set a “neutral” rating for the company in a research note on Thursday. Royal Bank of Canada cut their price objective on Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday. Finally, Wells Fargo & Company cut their price objective on Okta from $90.00 to $80.00 and set an “equal weight” rating for the company in a research note on Thursday. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $99.38.

Okta Stock Up 0.5 %

The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The business has a fifty day moving average of $80.44 and a 200 day moving average of $89.29. The stock has a market capitalization of $12.59 billion, a price-to-earnings ratio of -44.80, a PEG ratio of 26.91 and a beta of 1.02.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. The company had revenue of $646.00 million for the quarter, compared to analysts’ expectations of $632.24 million. As a group, equities analysts predict that Okta, Inc. will post 0.12 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Banque Cantonale Vaudoise lifted its stake in Okta by 4.3% during the first quarter. Banque Cantonale Vaudoise now owns 2,933 shares of the company’s stock worth $307,000 after purchasing an additional 122 shares in the last quarter. Caprock Group LLC increased its position in shares of Okta by 4.7% during the second quarter. Caprock Group LLC now owns 2,856 shares of the company’s stock worth $267,000 after acquiring an additional 129 shares during the period. National Bank of Canada FI increased its position in shares of Okta by 11.0% during the second quarter. National Bank of Canada FI now owns 1,315 shares of the company’s stock worth $124,000 after acquiring an additional 130 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Okta by 71.4% during the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after acquiring an additional 142 shares during the period. Finally, CWM LLC increased its position in shares of Okta by 5.3% during the second quarter. CWM LLC now owns 2,910 shares of the company’s stock worth $272,000 after acquiring an additional 147 shares during the period. 86.64% of the stock is currently owned by institutional investors and hedge funds.

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.