Okta, Inc. (NASDAQ:OKTA) Stock Position Lowered by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its position in Okta, Inc. (NASDAQ:OKTA - Free Report) by 26.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 407,111 shares of the company's stock after selling 147,522 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.23% of Okta worth $42,620,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Okta in the fourth quarter valued at about $234,992,000. Ameriprise Financial Inc. grew its stake in shares of Okta by 2,135.7% in the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company's stock valued at $150,845,000 after buying an additional 1,828,630 shares in the last quarter. Alyeska Investment Group L.P. grew its stake in shares of Okta by 2,309.4% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company's stock valued at $139,693,000 after buying an additional 1,699,176 shares in the last quarter. Point72 Asset Management L.P. grew its stake in shares of Okta by 236.8% in the fourth quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company's stock valued at $176,271,000 after buying an additional 1,572,786 shares in the last quarter. Finally, Sachem Head Capital Management LP acquired a new stake in shares of Okta in the fourth quarter valued at about $105,592,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Okta Stock Performance

Shares of NASDAQ OKTA traded down $1.42 during mid-day trading on Tuesday, hitting $98.55. The company had a trading volume of 3,002,950 shares, compared to its average volume of 3,069,300. The stock has a market cap of $17.25 billion, a price-to-earnings ratio of 156.43, a PEG ratio of 4.76 and a beta of 0.84. Okta, Inc. has a 12 month low of $70.56 and a 12 month high of $127.57. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.47 and a quick ratio of 1.47. The firm's 50 day simple moving average is $109.25 and its two-hundred day simple moving average is $100.23.

Okta (NASDAQ:OKTA - Get Free Report) last announced its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.09. The business had revenue of $688.00 million for the quarter, compared to the consensus estimate of $680.14 million. Okta had a return on equity of 2.79% and a net margin of 4.85%. The business's revenue was up 11.5% on a year-over-year basis. During the same quarter last year, the business posted $0.65 EPS. As a group, equities research analysts forecast that Okta, Inc. will post 0.42 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on OKTA shares. Oppenheimer increased their target price on Okta from $125.00 to $135.00 and gave the company an "outperform" rating in a research note on Tuesday, March 4th. Stephens reiterated an "equal weight" rating and issued a $127.00 target price on shares of Okta in a research note on Tuesday, May 27th. Roth Capital restated a "buy" rating and set a $119.00 price objective on shares of Okta in a research note on Wednesday, May 28th. JPMorgan Chase & Co. raised their price objective on Okta from $120.00 to $140.00 and gave the company an "overweight" rating in a research note on Friday, May 23rd. Finally, Wells Fargo & Company raised their price objective on Okta from $100.00 to $110.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 28th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and twenty have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $121.59.

Insider Buying and Selling at Okta

In other Okta news, CRO Jonathan James Addison sold 7,005 shares of Okta stock in a transaction on Friday, April 11th. The stock was sold at an average price of $101.19, for a total transaction of $708,835.95. Following the sale, the executive owned 19,067 shares of the company's stock, valued at $1,929,389.73. The trade was a 26.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Larissa Schwartz sold 2,244 shares of Okta stock in a transaction on Friday, June 20th. The shares were sold at an average price of $100.00, for a total value of $224,400.00. Following the sale, the insider directly owned 23,640 shares in the company, valued at $2,364,000. The trade was a 8.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,935 shares of company stock valued at $1,100,347 in the last quarter. Corporate insiders own 5.68% of the company's stock.

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.