iA Global Asset Management Inc. Sells 64,775 Shares of Okta, Inc. (NASDAQ:OKTA)

Key Points

• iA Global Asset Management Inc. reduced its stake in Okta, Inc. by 95%, now holding only 3,439 shares, after selling 64,775 shares during the first quarter.
• Other hedge funds have made significant moves as well, with Massachusetts Financial Services Co. increasing its holdings in Okta by 325.6% to nearly 3.7 million shares.
• The company's stock has seen mixed analyst ratings, with a consensus target price of $118.61 and several firms adjusting their price objectives and ratings recently.

iA Global Asset Management Inc. lowered its holdings in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 95.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,439 shares of the company's stock after selling 64,775 shares during the period. iA Global Asset Management Inc.'s holdings in Okta were worth $362,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. TD Private Client Wealth LLC lifted its position in shares of Okta by 19.6% in the first quarter. TD Private Client Wealth LLC now owns 561 shares of the company's stock worth $59,000 after buying an additional 92 shares during the last quarter. Allworth Financial LP raised its holdings in Okta by 5.7% in the 1st quarter. Allworth Financial LP now owns 1,708 shares of the company's stock valued at $173,000 after acquiring an additional 92 shares in the last quarter. GPS Wealth Strategies Group LLC raised its holdings in Okta by 7.2% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 1,484 shares of the company's stock valued at $156,000 after acquiring an additional 100 shares in the last quarter. First Horizon Advisors Inc. raised its holdings in Okta by 18.9% in the 1st quarter. First Horizon Advisors Inc. now owns 678 shares of the company's stock valued at $71,000 after acquiring an additional 108 shares in the last quarter. Finally, Stephens Inc. AR raised its holdings in Okta by 3.7% in the 1st quarter. Stephens Inc. AR now owns 3,417 shares of the company's stock valued at $360,000 after acquiring an additional 121 shares in the last quarter. Institutional investors own 86.64% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. DA Davidson lowered their price objective on Okta from $145.00 to $140.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Barclays lowered their price objective on Okta from $135.00 to $120.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 28th. UBS Group decreased their price target on Okta from $150.00 to $130.00 and set a "buy" rating on the stock in a research report on Wednesday, May 28th. Mizuho decreased their price target on Okta from $135.00 to $130.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 28th. Finally, Needham & Company LLC increased their price target on Okta from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-one have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $118.61.

Okta Trading Down 2.2%

Okta stock traded down $2.03 during mid-day trading on Friday, hitting $91.55. 2,430,222 shares of the company's stock were exchanged, compared to its average volume of 3,429,555. The company's 50 day simple moving average is $97.99 and its 200-day simple moving average is $102.64. Okta, Inc. has a fifty-two week low of $70.56 and a fifty-two week high of $127.57. The firm has a market capitalization of $16.03 billion, a P/E ratio of 145.32, a PEG ratio of 4.43 and a beta of 0.80. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.05.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $688.00 million for the quarter, compared to the consensus estimate of $680.14 million. During the same quarter last year, the business posted $0.65 EPS. The company's revenue for the quarter was up 11.5% on a year-over-year basis. On average, equities analysts anticipate that Okta, Inc. will post 0.42 earnings per share for the current year.

Insider Transactions at Okta

In other Okta news, CFO Brett Tighe sold 10,000 shares of Okta stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $95.00, for a total value of $950,000.00. Following the sale, the chief financial officer owned 132,288 shares of the company's stock, valued at $12,567,360. This trade represents a 7.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO Jonathan James Addison sold 9,000 shares of the firm's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $100.00, for a total value of $900,000.00. Following the completion of the transaction, the executive owned 7,067 shares of the company's stock, valued at $706,700. The trade was a 56.02% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 88,594 shares of company stock worth $8,382,790. 5.68% of the stock is currently owned by company insiders.

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.