Okta, Inc. (NASDAQ:OKTA) Holdings Reduced by Alps Advisors Inc.

Alps Advisors Inc. cut its holdings in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 29.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,795 shares of the company's stock after selling 3,312 shares during the period. Alps Advisors Inc.'s holdings in Okta were worth $820,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Allworth Financial LP boosted its holdings in Okta by 5.7% during the first quarter. Allworth Financial LP now owns 1,708 shares of the company's stock worth $173,000 after buying an additional 92 shares in the last quarter. Leavell Investment Management Inc. acquired a new position in Okta during the first quarter worth $208,000. Linden Thomas Advisory Services LLC lifted its stake in Okta by 6.7% in the 1st quarter. Linden Thomas Advisory Services LLC now owns 17,213 shares of the company's stock valued at $1,811,000 after buying an additional 1,083 shares in the last quarter. Greenleaf Trust acquired a new stake in shares of Okta in the first quarter worth approximately $235,000. Finally, Trek Financial LLC acquired a new stake in Okta during the 1st quarter worth $426,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. JMP Securities reissued a "market perform" rating on shares of Okta in a research note on Wednesday, May 28th. Roth Capital reiterated a "buy" rating and issued a $119.00 price objective on shares of Okta in a research note on Wednesday, May 28th. Arete Research upgraded Okta to a "strong sell" rating and set a $83.00 price target on the stock in a research note on Monday, July 7th. UBS Group lowered their target price on shares of Okta from $150.00 to $130.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. Finally, Barclays cut their price target on Okta from $135.00 to $120.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 28th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Okta currently has an average rating of "Hold" and a consensus price target of $119.44.

Insider Activity

In related news, Director Jacques Frederic Kerrest sold 581 shares of Okta stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $100.29, for a total value of $58,268.49. Following the completion of the transaction, the director directly owned 2,832 shares in the company, valued at approximately $284,021.28. This trade represents a 17.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Larissa Schwartz sold 2,244 shares of the business's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $100.00, for a total transaction of $224,400.00. Following the sale, the insider owned 23,640 shares of the company's stock, valued at approximately $2,364,000. The trade was a 8.67% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,930 shares of company stock worth $391,511. Company insiders own 5.68% of the company's stock.

Okta Trading Up 0.4%

Shares of Okta stock traded up $0.41 during mid-day trading on Monday, hitting $91.97. 3,084,096 shares of the stock were exchanged, compared to its average volume of 3,633,996. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $127.57. The stock has a market capitalization of $16.10 billion, a price-to-earnings ratio of 145.99, a price-to-earnings-growth ratio of 4.43 and a beta of 0.82. The company has a 50-day simple moving average of $107.71 and a 200 day simple moving average of $101.11. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.05.

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