Okta, Inc. (NASDAQ:OKTA) Shares Sold by Jefferies Financial Group Inc.

Key Points

• Jefferies Financial Group Inc. significantly reduced its stake in Okta, Inc. by 95.4% during the first quarter, now holding only 3,016 shares valued at $317,000.
• Analysts have mixed opinions on Okta's stock, with three sell ratings, fourteen hold ratings, and twenty-one buy ratings; the average price target is now $118.61.
• Okta's shares recently fell to $91.55, despite the company reporting a 11.5% increase in quarterly revenue year-over-year, amounting to $688 million.

Jefferies Financial Group Inc. lowered its holdings in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 95.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,016 shares of the company's stock after selling 61,984 shares during the period. Jefferies Financial Group Inc.'s holdings in Okta were worth $317,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Wolff Wiese Magana LLC grew its holdings in Okta by 167.4% during the first 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 stake in Okta in the first quarter worth $27,000. Harbour Investments Inc. raised its stake in Okta by 152.4% in the 1st quarter. Harbour Investments Inc. now owns 260 shares of the company's stock valued at $27,000 after acquiring an additional 157 shares during the period. Rossby Financial LCC purchased a new stake in shares of Okta during the 1st quarter valued at approximately $31,000. Finally, University of Texas Texas AM Investment Management Co. bought a new position in shares of Okta in the fourth quarter worth $40,000. Institutional investors own 86.64% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Royal Bank Of Canada decreased their target price on shares of Okta from $143.00 to $135.00 and set an "outperform" rating on the stock in a report on Wednesday, May 28th. UBS Group reduced their price objective on Okta from $150.00 to $130.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Arete Research raised shares of Okta to a "strong sell" rating and set a $83.00 price target for the company in a research report on Monday, July 7th. Scotiabank raised their price target on Okta from $109.00 to $115.00 and gave the stock a "sector perform" rating in a research note on Wednesday, May 28th. Finally, Wall Street Zen upgraded Okta from a "hold" rating to a "buy" rating in a report on Sunday, August 3rd. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $118.61.

Okta Price Performance

Shares of OKTA stock traded down $2.03 on Friday, hitting $91.55. 2,430,222 shares of the stock traded hands, compared to its average volume of 3,429,555. The firm has a market cap of $16.03 billion, a price-to-earnings ratio of 145.32, a PEG ratio of 4.43 and a beta of 0.80. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.47 and a quick ratio of 1.47. The firm has a 50 day simple moving average of $97.99 and a two-hundred day simple moving average of $102.64. 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 announced 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 net margin of 4.85% and a return on equity of 2.79%. The company had revenue of $688.00 million for the quarter, compared to the consensus estimate of $680.14 million. During the same period in the previous year, the firm posted $0.65 EPS. Okta's revenue for the quarter was up 11.5% compared to the same quarter last year. As a group, equities research analysts predict that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Okta

In other Okta news, CEO Todd Mckinnon sold 31,592 shares of the business's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $95.30, for a total transaction of $3,010,717.60. Following the sale, the chief executive officer directly owned 20,682 shares of the company's stock, valued at $1,970,994.60. The trade was a 60.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Eric Robert Kelleher sold 16,018 shares of the firm's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $91.81, for a total value of $1,470,612.58. Following the completion of the sale, the insider owned 7,044 shares of the company's stock, valued at approximately $646,709.64. This represents a 69.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 88,594 shares of company stock valued at $8,382,790 over the last ninety days. Corporate insiders own 5.68% of the company's stock.

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.