CenterBook Partners LP Has $1.86 Million Position in Okta, Inc. (NASDAQ:OKTA)

Key Points

• CenterBook Partners LP reduced its stake in Okta, Inc. by 82.1%, now holding 17,708 shares, worth approximately $1.86 million.
• Insiders sold a total of 88,594 shares of Okta stock over the past 90 days, with notable sales from CFO Brett Tighe and CRO Jonathan James Addison.
• Analyst ratings for Okta show a mix of sentiment, with three analysts giving it a sell rating and an average target price of $118.61 overall.

CenterBook Partners LP cut its holdings in Okta, Inc. (NASDAQ:OKTA - Free Report) by 82.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 17,708 shares of the company's stock after selling 81,017 shares during the quarter. CenterBook Partners LP's holdings in Okta were worth $1,863,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of OKTA. Wolff Wiese Magana LLC lifted its holdings in shares of Okta by 167.4% in the first quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock valued at $26,000 after purchasing an additional 154 shares in the last quarter. Wayfinding Financial LLC bought a new stake in shares of Okta in the first quarter worth $27,000. Harbour Investments Inc. boosted its holdings in Okta by 152.4% during the first quarter. Harbour Investments Inc. now owns 260 shares of the company's stock worth $27,000 after purchasing an additional 157 shares during the last quarter. Rossby Financial LCC bought a new position in Okta in the first quarter valued at $31,000. Finally, University of Texas Texas AM Investment Management Co. bought a new position in Okta in the fourth quarter valued at $40,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Okta

In other Okta news, CFO Brett Tighe sold 10,000 shares of the business's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $95.00, for a total transaction of $950,000.00. Following the sale, the chief financial officer owned 132,288 shares in the company, valued at approximately $12,567,360. The trade was a 7.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Jonathan James Addison sold 9,000 shares of the firm's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $100.00, for a total value of $900,000.00. Following the sale, the executive directly owned 7,067 shares of the company's stock, valued at $706,700. This trade represents a 56.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 88,594 shares of company stock worth $8,382,790 over the last 90 days. Corporate insiders own 5.68% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on OKTA. Royal Bank Of Canada reduced their price target on Okta from $143.00 to $135.00 and set an "outperform" rating for the company in a research report on Wednesday, May 28th. UBS Group cut their price objective on Okta from $150.00 to $130.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. Barclays lowered their target price on shares of Okta from $135.00 to $120.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 28th. Arete began coverage on shares of Okta in a research note on Monday, July 7th. They issued a "sell" rating and a $83.00 price target for the company. Finally, Arete Research upgraded shares of Okta to a "strong sell" rating and set a $83.00 price objective on the stock in a research note on Monday, July 7th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $118.61.

Okta Price Performance

Shares of OKTA opened at $97.75 on Thursday. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $127.57. The firm has a market capitalization of $17.11 billion, a PE ratio of 155.16, a P/E/G ratio of 4.64 and a beta of 0.80. The stock's 50 day moving average is $98.47 and its two-hundred day moving average is $102.49. 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 posted its quarterly earnings results 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. Okta had a return on equity of 2.79% and a net margin of 4.85%. The firm had revenue of $688.00 million during the quarter, compared to the consensus estimate of $680.14 million. During the same quarter in the previous year, the business earned $0.65 earnings per share. The firm's quarterly revenue was up 11.5% compared to the same quarter last year. Research analysts anticipate that Okta, Inc. will post 0.42 earnings per share for the current year.

Okta 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.

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