Oak Thistle LLC Cuts Stake in Okta, Inc. (NASDAQ:OKTA)

Oak Thistle LLC cut its holdings in Okta, Inc. (NASDAQ:OKTA - Free Report) by 65.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,719 shares of the company's stock after selling 25,766 shares during the quarter. Oak Thistle LLC's holdings in Okta were worth $1,444,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Wolff Wiese Magana LLC grew its holdings in shares of Okta by 167.4% during the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock worth $26,000 after purchasing an additional 154 shares during the period. Wayfinding Financial LLC purchased a new position in shares of Okta during the 1st quarter worth $27,000. Rossby Financial LCC purchased a new stake in shares of Okta in the 1st quarter valued at $31,000. Center for Financial Planning Inc. purchased a new stake in shares of Okta in the 1st quarter valued at $47,000. Finally, TD Private Client Wealth LLC raised its holdings in shares of Okta by 3,507.7% in the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company's stock valued at $37,000 after buying an additional 456 shares during the period. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Trading Up 3.3%

Shares of OKTA stock traded up $3.21 during trading hours on Friday, hitting $101.10. 9,542,627 shares of the company's stock traded hands, compared to its average volume of 2,744,683. The stock's 50 day simple moving average is $102.38 and its 200 day simple moving average is $101.90. The stock has a market cap of $17.70 billion, a PE ratio of 160.48, a price-to-earnings-growth ratio of 4.89 and a beta of 0.82. Okta, Inc. has a 12 month low of $70.56 and a 12 month high of $127.57. 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 issued its quarterly earnings data 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. The firm had revenue of $688.00 million during the quarter, compared to analysts' expectations of $680.14 million. Okta had a net margin of 4.85% and a return on equity of 2.79%. The business's revenue was up 11.5% on a year-over-year basis. During the same period last year, the company earned $0.65 earnings per share. On average, sell-side analysts anticipate that Okta, Inc. will post 0.42 EPS for the current year.

Insider Activity

In related news, CFO Brett Tighe sold 10,000 shares of the firm's 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 transaction, the chief financial officer directly owned 132,288 shares of the company's stock, valued at $12,567,360. This trade represents a 7.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CRO Jonathan James Addison sold 6,027 shares of the firm's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $92.01, for a total transaction of $554,544.27. Following the transaction, the executive directly owned 19,067 shares in the company, valued at $1,754,354.67. The trade was a 24.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 79,594 shares of company stock valued at $7,482,790. 5.68% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on OKTA. Roth Capital reiterated a "buy" rating and issued a $119.00 price objective on shares of Okta in a report on Wednesday, May 28th. Canaccord Genuity Group increased their price objective on Okta from $100.00 to $115.00 and gave the company a "hold" rating in a report on Wednesday, May 28th. UBS Group decreased their price objective on Okta from $150.00 to $130.00 and set a "buy" rating for the company in a research report on Wednesday, May 28th. Cantor Fitzgerald assumed coverage on Okta in a report on Monday, March 31st. They issued an "overweight" rating and a $130.00 price target for the company. Finally, DA Davidson reduced their price objective on Okta from $145.00 to $140.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. Three investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, Okta presently has an average rating of "Hold" and a consensus price target of $118.61.

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.