Tredje AP fonden Lowers Position in Okta, Inc. (NASDAQ:OKTA)

Key Points

• Tredje AP fonden reduced its stake in Okta, Inc. by 14.4%, selling 32,518 shares to hold approximately 193,777 shares valued at $20.39 million.
• Okta's stock has received mixed reviews from analysts, with a consensus rating of "Hold" and an average price target of $118.61.
• Insiders have recently sold a significant amount of shares, with 88,594 shares sold over the past 90 days, highlighting potential caution among company executives.

Tredje AP fonden reduced its stake in Okta, Inc. (NASDAQ:OKTA - Free Report) by 14.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 193,777 shares of the company's stock after selling 32,518 shares during the period. Tredje AP fonden owned approximately 0.11% of Okta worth $20,389,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently modified their holdings of OKTA. Wolff Wiese Magana LLC raised its position in Okta by 167.4% during the first quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock valued at $26,000 after purchasing an additional 154 shares in the last quarter. Wayfinding Financial LLC acquired a new stake in shares of Okta during the 1st quarter valued at $27,000. Rossby Financial LCC bought a new stake in Okta during the 1st quarter worth $31,000. Center for Financial Planning Inc. acquired a new position in Okta in the 1st quarter worth about $47,000. Finally, CX Institutional acquired a new position in Okta in the 1st quarter worth about $52,000. 86.64% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Okta

In related news, insider Eric Robert Kelleher sold 16,018 shares of Okta stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $91.81, for a total value of $1,470,612.58. Following the completion of the transaction, the insider directly owned 7,044 shares in the company, valued at approximately $646,709.64. The trade was a 69.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Jonathan James Addison sold 9,000 shares of the stock in a transaction on Friday, July 25th. The stock was sold at an average price of $100.00, for a total value of $900,000.00. Following the sale, the executive owned 7,067 shares in the company, valued at approximately $706,700. This represents a 56.02% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 88,594 shares of company stock valued at $8,382,790. Insiders own 5.68% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Mizuho lowered their price objective on Okta from $135.00 to $130.00 and set an "outperform" rating for the company in a research note on Wednesday, May 28th. Royal Bank Of Canada reduced 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. DA Davidson dropped their price target on shares of Okta from $145.00 to $140.00 and set a "buy" rating for the company in a research note on Wednesday, May 28th. Stifel Nicolaus lifted their price target on shares of Okta from $120.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Finally, Wells Fargo & Company increased their price objective on Okta from $100.00 to $110.00 and gave the company an "equal weight" rating in a report on Wednesday, May 28th. Three equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and twenty have issued a buy rating to the company's stock. Based on data from MarketBeat, Okta currently has an average rating of "Hold" and an average target price of $118.61.

Okta Stock Performance

NASDAQ OKTA traded down $1.87 during trading hours on Friday, reaching $95.93. 621,227 shares of the company were exchanged, compared to its average volume of 3,631,558. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $16.79 billion, a P/E ratio of 152.27, a P/E/G ratio of 4.83 and a beta of 0.82. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $127.57. The business's 50 day simple moving average is $100.31 and its 200-day simple moving average is $102.17.

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, beating the consensus estimate of $0.77 by $0.09. Okta had a return on equity of 2.79% and a net margin of 4.85%. The business had revenue of $688.00 million for the quarter, compared to the consensus estimate of $680.14 million. During the same quarter in the prior year, the business earned $0.65 earnings per share. Okta's revenue for the quarter was up 11.5% on a year-over-year basis. On average, equities research analysts expect that Okta, Inc. will post 0.42 earnings per share 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.