Okta, Inc. (NASDAQ:OKTA) Shares Sold by Neuberger Berman Group LLC

Key Points

• Neuberger Berman Group LLC has reduced its stake in Okta, Inc. by 34.4%, now holding 441,937 shares after selling 232,122 shares in the first quarter.
• Analysts have mixed sentiments on Okta, with recent reports showing three sell ratings, fourteen hold ratings, and twenty-one buy ratings, while the current consensus target price stands at $118.61.
• Insider trading activity included a significant sale of 16,018 shares by insider Eric Robert Kelleher, representing a 69.46% decrease in their position.

Neuberger Berman Group LLC cut its position in Okta, Inc. (NASDAQ:OKTA - Free Report) by 34.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 441,937 shares of the company's stock after selling 232,122 shares during the period. Neuberger Berman Group LLC owned approximately 0.25% of Okta worth $46,501,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. S Bank Fund Management Ltd acquired a new position in shares of Okta in the first quarter valued at about $132,000. Russell Investments Group Ltd. grew its holdings in Okta by 117.0% during the first quarter. Russell Investments Group Ltd. now owns 82,250 shares of the company's stock worth $8,662,000 after acquiring an additional 44,355 shares during the period. Resona Asset Management Co. Ltd. grew its holdings in Okta by 6.7% during the first quarter. Resona Asset Management Co. Ltd. now owns 48,936 shares of the company's stock worth $5,167,000 after acquiring an additional 3,090 shares during the period. Motley Fool Asset Management LLC acquired a new stake in Okta during the first quarter worth about $304,000. Finally, Nuveen LLC acquired a new stake in Okta during the first quarter worth about $44,340,000. 86.64% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OKTA has been the subject of a number of research analyst reports. Wall Street Zen upgraded shares of Okta from a "hold" rating to a "buy" rating in a research report on Sunday, August 3rd. BTIG Research reiterated a "buy" rating on shares of Okta in a research note on Thursday, May 22nd. Guggenheim lowered their price target on Okta from $140.00 to $138.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. The Goldman Sachs Group lifted their price target on Okta from $123.00 to $137.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Finally, Evercore ISI lifted their price target on Okta from $122.00 to $130.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 28th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $118.61.

Insider Activity

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 completion of the sale, the chief financial officer owned 132,288 shares in the company, valued at $12,567,360. The trade was a 7.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jacques Frederic Kerrest sold 581 shares of Okta stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $100.29, for a total value of $58,268.49. Following the completion of the sale, the director owned 2,832 shares of the company's stock, valued at $284,021.28. This trade represents a 17.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 88,594 shares of company stock worth $8,382,790 in the last quarter. Corporate insiders own 5.68% of the company's stock.

Okta Price Performance

Okta stock traded up $3.41 during midday trading on Friday, reaching $92.02. 2,103,909 shares of the company were exchanged, compared to its average volume of 3,576,595. The company has a market capitalization of $16.11 billion, a price-to-earnings ratio of 146.07, a P/E/G ratio of 4.45 and a beta of 0.80. The firm's 50-day simple moving average is $96.51 and its 200-day simple moving average is $102.59. Okta, Inc. has a 1 year low of $70.56 and a 1 year 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.

Okta (NASDAQ:OKTA - Get Free Report) last posted its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 EPS for the quarter, topping analysts' consensus estimates of $0.77 by $0.09. The firm had revenue of $688.00 million during the quarter, compared to analysts' expectations of $680.14 million. Okta had a return on equity of 2.79% and a net margin of 4.85%. The firm's quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.65 EPS. On average, analysts anticipate that Okta, Inc. will post 0.42 EPS for the current year.

Okta 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.