Motley Fool Wealth Management LLC Sells 6,108 Shares of Okta, Inc. (NASDAQ:OKTA)

Key Points

• Motley Fool Wealth Management LLC decreased its stake in Okta, Inc. by 7.6%, selling 6,108 shares, which brought their total holdings to 73,818 shares worth approximately $7.77 million.
• Other institutional investors significantly increased their stakes in Okta, with Massachusetts Financial Services Co. raising its position by 325.6%, now owning nearly 3.7 million shares valued at around $389 million.
• Director Jacques Frederic Kerrest and CFO Brett Tighe sold shares of Okta, with insider sales totaling 88,594 shares worth around $8.38 million over the last quarter.

Motley Fool Wealth Management LLC reduced its stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 7.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 73,818 shares of the company's stock after selling 6,108 shares during the period. Motley Fool Wealth Management LLC's holdings in Okta were worth $7,767,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA lifted its stake in Okta by 325.6% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,699,944 shares of the company's stock worth $389,308,000 after purchasing an additional 2,830,582 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in Okta by 2,135.7% in the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company's stock worth $150,845,000 after purchasing an additional 1,828,630 shares during the last quarter. Ninety One UK Ltd bought a new stake in Okta in the first quarter worth $189,915,000. Alyeska Investment Group L.P. lifted its stake in Okta by 2,309.4% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company's stock worth $139,693,000 after purchasing an additional 1,699,176 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its stake in Okta by 236.8% in the fourth quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company's stock worth $176,271,000 after purchasing an additional 1,572,786 shares during the last quarter. 86.64% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Jacques Frederic Kerrest sold 581 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $100.29, for a total transaction of $58,268.49. Following the sale, the director owned 2,832 shares in the company, valued at $284,021.28. This represents a 17.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Brett Tighe sold 10,000 shares of the stock in a transaction that occurred on Friday, July 18th. The shares were 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 88,594 shares of company stock valued at $8,382,790. Company insiders own 5.68% of the company's stock.

Okta Price Performance

Shares of OKTA opened at $91.55 on Monday. The firm's 50-day simple moving average is $97.99 and its two-hundred day simple moving average is $102.74. Okta, Inc. has a fifty-two week low of $70.56 and a fifty-two week high of $127.57. 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 stock has a market cap of $16.03 billion, a PE ratio of 145.32, a price-to-earnings-growth ratio of 4.43 and a beta of 0.80.

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

Analyst Ratings Changes

Several research firms have weighed in on OKTA. Mizuho lowered their price target on shares of Okta from $135.00 to $130.00 and set an "outperform" rating for the company in a research note on Wednesday, May 28th. Guggenheim lowered their price objective on shares of Okta from $140.00 to $138.00 and set a "buy" rating for the company in a research note on Wednesday, May 28th. The Goldman Sachs Group upped their price objective on shares of Okta from $123.00 to $137.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Loop Capital began coverage on shares of Okta in a research note on Monday, May 5th. They set a "buy" rating and a $140.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their price objective on shares of Okta from $120.00 to $140.00 and gave the company an "overweight" rating in a research note on Friday, May 23rd. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-one have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price 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.

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