Forsta AP Fonden Reduces Position in Okta, Inc. (NASDAQ:OKTA)

Key Points

• Forsta AP Fonden reduced its stake in Okta, Inc. by 16.6%, selling 12,300 shares and bringing its total holdings to 61,600 shares, valued at approximately $6.48 million.
• Several institutional investors have increased their positions in Okta, with TD Private Client Wealth LLC boosting its stake by 19.6% during the same quarter.
• Analysts have mixed ratings on Okta, with a current consensus of "Hold" and an average price target of $118.61, reflecting varying opinions among multiple brokerages.

Forsta AP Fonden cut its stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 16.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 61,600 shares of the company's stock after selling 12,300 shares during the period. Forsta AP Fonden's holdings in Okta were worth $6,482,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OKTA. Wolff Wiese Magana LLC raised its stake in shares of Okta by 167.4% during the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock worth $26,000 after buying an additional 154 shares in the last quarter. Wayfinding Financial LLC purchased a new position in shares of Okta during the 1st quarter worth approximately $27,000. Harbour Investments Inc. raised its stake in shares of Okta by 152.4% during the 1st quarter. Harbour Investments Inc. now owns 260 shares of the company's stock worth $27,000 after buying an additional 157 shares in the last quarter. Rossby Financial LCC purchased a new position in shares of Okta during the 1st quarter worth approximately $31,000. Finally, University of Texas Texas AM Investment Management Co. purchased a new position in shares of Okta during the 4th quarter worth approximately $40,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

Okta Trading Down 2.6%

Shares of OKTA traded down $2.37 during trading hours on Thursday, hitting $88.61. The stock had a trading volume of 3,506,046 shares, compared to its average volume of 3,603,391. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.47 and a current ratio of 1.47. The firm has a market cap of $15.51 billion, a P/E ratio of 140.65, a P/E/G ratio of 4.32 and a beta of 0.80. The company's fifty day simple moving average is $97.09 and its 200 day simple moving average is $102.57. Okta, Inc. has a 12-month low of $70.56 and a 12-month high of $127.57.

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. The business had revenue of $688.00 million for the quarter, compared to analyst estimates of $680.14 million. Okta had a return on equity of 2.79% and a net margin of 4.85%. The business's quarterly revenue was up 11.5% on a year-over-year basis. During the same period last year, the company posted $0.65 EPS. Equities research analysts forecast that Okta, Inc. will post 0.42 EPS for the current fiscal year.

Insiders Place Their Bets

In other Okta news, 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 transaction, 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Eric Robert Kelleher sold 16,018 shares of the firm's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $91.81, for a total value of $1,470,612.58. Following the completion of the transaction, the insider directly owned 7,044 shares in the company, valued at $646,709.64. This trade represents a 69.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 88,594 shares of company stock worth $8,382,790. Corporate insiders own 5.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on OKTA. Evercore ISI upped their price target on Okta from $122.00 to $130.00 and gave the stock an "outperform" rating in a report on Wednesday, May 28th. Guggenheim lowered their price target on Okta from $140.00 to $138.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. Loop Capital began coverage on Okta in a report on Monday, May 5th. They issued a "buy" rating and a $140.00 price target on the stock. Barclays lowered their price target on Okta from $135.00 to $120.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 28th. Finally, BMO Capital Markets set a $132.00 price target on Okta and gave the stock a "market perform" rating in a report on Wednesday, May 28th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-one have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $118.61.

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.