Fluent Financial LLC Sells 10,776 Shares of Okta, Inc. (NASDAQ:OKTA)

Fluent Financial LLC lessened its holdings in Okta, Inc. (NASDAQ:OKTA - Free Report) by 66.0% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,553 shares of the company's stock after selling 10,776 shares during the period. Fluent Financial LLC's holdings in Okta were worth $584,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Blue Trust Inc. grew its stake in Okta by 103.8% in the 4th quarter. Blue Trust Inc. now owns 758 shares of the company's stock worth $56,000 after buying an additional 386 shares in the last quarter. Caprock Group LLC lifted its holdings in shares of Okta by 6.5% during the 4th quarter. Caprock Group LLC now owns 4,032 shares of the company's stock worth $318,000 after acquiring an additional 246 shares during the last quarter. Spire Wealth Management lifted its holdings in shares of Okta by 696.7% during the 4th quarter. Spire Wealth Management now owns 2,390 shares of the company's stock worth $188,000 after acquiring an additional 2,090 shares during the last quarter. Greenwood Capital Associates LLC purchased a new position in Okta in the fourth quarter worth $209,000. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake in Okta by 6.3% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 363,950 shares of the company's stock valued at $28,679,000 after acquiring an additional 21,543 shares during the last quarter. Institutional investors own 86.64% of the company's stock.

Okta Stock Up 0.9%

NASDAQ:OKTA traded up $0.90 during trading hours on Friday, reaching $105.08. 2,473,970 shares of the company traded hands, compared to its average volume of 2,963,279. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $127.57. The stock has a market capitalization of $18.24 billion, a P/E ratio of -300.23, a P/E/G ratio of 6.42 and a beta of 0.96. The business's 50-day moving average price is $108.85 and its two-hundred day moving average price is $97.64. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06.

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, topping the consensus estimate of $0.77 by $0.09. Okta had a positive return on equity of 0.47% and a negative net margin of 1.54%. The firm had revenue of $688.00 million during the quarter, compared to analyst estimates of $680.14 million. During the same quarter in the previous year, the firm earned $0.65 EPS. Okta's quarterly revenue was up 11.5% compared to the same quarter last year. Analysts predict that Okta, Inc. will post 0.42 earnings per share for the current year.

Insider Activity

In related news, insider Larissa Schwartz sold 11,552 shares of the company's stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total value of $1,317,967.68. Following the transaction, the insider now directly owns 22,125 shares of the company's stock, valued at approximately $2,524,241.25. This represents a 34.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CRO Jonathan James Addison sold 7,005 shares of the business's stock in a transaction on Friday, April 11th. The stock was sold at an average price of $101.19, for a total value of $708,835.95. Following the completion of the transaction, the executive now owns 19,067 shares of the company's stock, valued at $1,929,389.73. This represents a 26.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,452 shares of company stock worth $2,697,360 over the last 90 days. 5.68% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on OKTA. KeyCorp lifted their price target on Okta from $125.00 to $135.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 4th. JPMorgan Chase & Co. boosted their target price on Okta from $120.00 to $140.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. Evercore ISI increased their price target on shares of Okta from $122.00 to $130.00 and gave the company an "outperform" rating in a research report on Wednesday, May 28th. Guggenheim decreased their price target on shares of Okta from $140.00 to $138.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Finally, Morgan Stanley cut their price objective on shares of Okta from $125.00 to $123.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, Okta presently has an average rating of "Moderate Buy" and an average target price of $121.59.

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.