Blair William & Co. IL Has $6.61 Million Stake in Okta, Inc. (NASDAQ:OKTA)

Key Points

• Blair William & Co. IL reduced its stake in Okta, Inc. by 20.7% in Q1, holding $6.61 million after selling 16,357 shares.
• Okta's stock is currently rated as a "Hold" by analysts, with an average price target of $118.61.
• Insider sales have occurred recently, with officers like Eric Robert Kelleher selling shares valued at over $1.47 million, contributing to a significant decrease in their ownership stakes.

Blair William & Co. IL trimmed its stake in Okta, Inc. (NASDAQ:OKTA - Free Report) by 20.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 62,815 shares of the company's stock after selling 16,357 shares during the period. Blair William & Co. IL's holdings in Okta were worth $6,609,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA lifted its holdings in shares of Okta by 325.6% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,699,944 shares of the company's stock worth $389,308,000 after acquiring an additional 2,830,582 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of Okta by 2,135.7% during the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company's stock worth $150,845,000 after acquiring an additional 1,828,630 shares during the period. Ninety One UK Ltd bought a new position in shares of Okta during the 1st quarter worth about $189,915,000. Alyeska Investment Group L.P. lifted its holdings in shares of Okta by 2,309.4% during the 4th quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company's stock worth $139,693,000 after acquiring an additional 1,699,176 shares during the period. Finally, Point72 Asset Management L.P. lifted its holdings in shares of Okta by 236.8% during the 4th quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company's stock worth $176,271,000 after acquiring an additional 1,572,786 shares during the period. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently commented on OKTA. Arete Research raised shares of Okta to a "strong sell" rating and set a $83.00 price objective for the company in a report on Monday, July 7th. Guggenheim cut their price target on shares of Okta from $140.00 to $138.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. DA Davidson cut their price target on shares of Okta from $145.00 to $140.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. JMP Securities reissued a "market perform" rating on shares of Okta in a report on Wednesday, May 28th. Finally, Jefferies Financial Group cut their price target on shares of Okta from $130.00 to $105.00 and set a "hold" rating for the company in a report on Thursday, July 24th. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $118.61.

Insider Activity

In related news, insider Eric Robert Kelleher sold 16,018 shares of the business's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $91.81, for a total transaction of $1,470,612.58. Following the completion of the transaction, the insider owned 7,044 shares in the company, valued at approximately $646,709.64. The trade was a 69.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brett Tighe sold 10,000 shares of the business's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $95.00, for a total transaction of $950,000.00. Following the transaction, the chief financial officer owned 132,288 shares of the company's stock, valued at approximately $12,567,360. This represents a 7.03% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 88,594 shares of company stock valued at $8,382,790. 5.68% of the stock is currently owned by company insiders.

Okta Stock Down 1.8%

Shares of NASDAQ OKTA opened at $95.98 on Wednesday. The stock has a market cap of $16.80 billion, a P/E ratio of 152.35, a P/E/G ratio of 4.73 and a beta of 0.80. The firm has a 50 day moving average price of $98.62 and a 200 day moving average price of $102.52. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.47 and a current ratio of 1.47. Okta, Inc. has a 52-week low of $70.56 and a 52-week high of $127.57.

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

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.

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