NewEdge Wealth LLC Sells 97,826 Shares of Okta, Inc. (NASDAQ:OKTA)

Key Points

• NewEdge Wealth LLC reduced its stake in Okta, Inc. by 35.1%, selling 97,826 shares and retaining 180,801 shares valued at approximately $19 million.
• Brokerage reports show a mix of ratings for Okta, with a consensus rating of "Hold" and an average price target of $118.61, while some firms have issued both buy and sell ratings.
• Okta's share price recently opened at $95.13, representing a decline of 2.7%, with a market cap of $16.65 billion and a P/E ratio of 151.00.

NewEdge Wealth LLC cut its stake in Okta, Inc. (NASDAQ:OKTA - Free Report) by 35.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 180,801 shares of the company's stock after selling 97,826 shares during the quarter. NewEdge Wealth LLC owned 0.10% of Okta worth $19,024,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in OKTA. Wolff Wiese Magana LLC grew its stake in shares of Okta by 167.4% in the first quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock worth $26,000 after acquiring an additional 154 shares during the period. Wayfinding Financial LLC bought a new stake in Okta during the first quarter valued at approximately $27,000. Harbour Investments Inc. grew its position in Okta by 152.4% during the first quarter. Harbour Investments Inc. now owns 260 shares of the company's stock valued at $27,000 after buying an additional 157 shares during the period. Rossby Financial LCC bought a new stake in Okta during the first quarter valued at approximately $31,000. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in Okta during the fourth quarter valued at approximately $40,000. 86.64% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OKTA. DA Davidson cut their target price on shares of Okta from $145.00 to $140.00 and set a "buy" rating for the company in a research report on Wednesday, May 28th. Arete began coverage on shares of Okta in a research report on Monday, July 7th. They set a "sell" rating and a $83.00 target price for the company. Royal Bank Of Canada cut their target price on shares of Okta from $143.00 to $135.00 and set an "outperform" rating for the company in a research report on Wednesday, May 28th. Wall Street Zen upgraded shares of Okta from a "hold" rating to a "buy" rating in a research report on Sunday. Finally, Westpark Capital reiterated a "buy" rating and issued a $140.00 price target on shares of Okta in a research report on Wednesday, May 28th. 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's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $118.61.

Insider Buying and Selling at Okta

In other Okta news, Director Jacques Frederic Kerrest sold 581 shares of the stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $100.29, for a total transaction of $58,268.49. Following the completion of the sale, the director directly owned 2,832 shares of the company's stock, valued at approximately $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 can be accessed through this hyperlink. Also, CFO Brett Tighe sold 10,000 shares of the stock in a transaction dated 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 directly owned 132,288 shares of the company's stock, valued at approximately $12,567,360. The trade was a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 88,594 shares of company stock valued at $8,382,790. 5.68% of the stock is currently owned by corporate insiders.

Okta Stock Down 2.7%

Shares of Okta stock opened at $95.13 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.47 and a quick ratio of 1.47. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $127.57. The firm's 50-day moving average is $99.73 and its two-hundred day moving average is $102.37. The stock has a market cap of $16.65 billion, a price-to-earnings ratio of 151.00, a PEG ratio of 4.60 and a beta of 0.80.

Okta (NASDAQ:OKTA - Get Free Report) last issued its earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts' expectations of $680.14 million. During the same period in the prior year, the business earned $0.65 EPS. The firm's quarterly revenue was up 11.5% on a year-over-year basis. As a group, research analysts expect that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

Okta Company 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.

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