Motley Fool Asset Management LLC Trims Stake in Okta, Inc. (NASDAQ:OKTA)

Motley Fool Asset Management LLC decreased its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 8.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,668 shares of the company’s stock after selling 246 shares during the period. Motley Fool Asset Management LLC’s holdings in Okta were worth $242,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Okta by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 15,281,123 shares of the company’s stock worth $1,245,564,000 after buying an additional 123,216 shares in the last quarter. Sands Capital Management LLC lifted its stake in shares of Okta by 2.4% during the 3rd quarter. Sands Capital Management LLC now owns 5,871,958 shares of the company’s stock worth $478,623,000 after purchasing an additional 136,267 shares during the last quarter. Cerity Partners LLC raised its holdings in Okta by 6,192.3% in the fourth quarter. Cerity Partners LLC now owns 3,172,223 shares of the company’s stock worth $287,181,000 after purchasing an additional 3,121,809 shares in the last quarter. Eminence Capital LP lifted its position in shares of Okta by 7.7% during the third quarter. Eminence Capital LP now owns 1,599,703 shares of the company’s stock valued at $130,392,000 after buying an additional 113,994 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in shares of Okta by 8.2% in the 3rd quarter. Legal & General Group Plc now owns 1,150,442 shares of the company’s stock valued at $93,773,000 after buying an additional 87,102 shares in the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Okta

In related news, Director Shellye L. Archambeau sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $106.96, for a total transaction of $534,800.00. Following the completion of the sale, the director now owns 6,042 shares in the company, valued at $646,252.32. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CAO Shibu Ninan sold 4,279 shares of the stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $104.14, for a total transaction of $445,615.06. Following the completion of the transaction, the chief accounting officer now directly owns 4,111 shares of the company’s stock, valued at approximately $428,119.54. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Shellye L. Archambeau sold 5,000 shares of the firm’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 of the company’s stock, valued at approximately $646,252.32. The disclosure for this sale can be found here. Insiders have sold 11,779 shares of company stock valued at $1,205,990 over the last 90 days. 7.36% of the stock is owned by insiders.

Okta Stock Down 0.7 %

Shares of NASDAQ OKTA opened at $92.29 on Friday. The company has a market capitalization of $15.45 billion, a P/E ratio of -42.53 and a beta of 1.00. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.67 and a quick ratio of 1.67. The company has a 50 day simple moving average of $99.58 and a 200-day simple moving average of $86.31. Okta, Inc. has a 1 year low of $65.04 and a 1 year high of $114.50.

Okta (NASDAQ:OKTA) last posted its earnings results on Wednesday, February 28th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.35. Okta had a negative return on equity of 5.69% and a negative net margin of 15.69%. The company had revenue of $605.00 million during the quarter, compared to analysts’ expectations of $586.25 million. On average, equities research analysts predict that Okta, Inc. will post -1.51 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Piper Sandler boosted their price objective on shares of Okta from $85.00 to $110.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. BMO Capital Markets increased their price objective on Okta from $80.00 to $110.00 and gave the company a “market perform” rating in a report on Thursday, February 29th. Bank of America upgraded Okta from an “underperform” rating to a “buy” rating and boosted their target price for the stock from $64.00 to $135.00 in a research note on Thursday, February 29th. Susquehanna upped their price objective on shares of Okta from $70.00 to $115.00 and gave the company a “neutral” rating in a report on Monday, March 4th. Finally, Truist Financial restated a “hold” rating and issued a $105.00 target price (up previously from $85.00) on shares of Okta in a research note on Thursday, February 29th. Twenty analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $100.39.

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.