Okta, Inc. $OKTA Stake Reduced by APG Asset Management N.V.

Key Points

• APG Asset Management N.V. reduced its stake in Okta, Inc. by 3.0%, now holding approximately 93,536 shares valued at $9.1 million after selling 2,870 shares in the first quarter.
• Okta reported $688 million in revenue for the last quarter, surpassing analysts' expectations, and an earnings per share (EPS) of $0.86, exceeding the consensus estimate.
• Over the past three months, insiders sold around 88,594 shares of Okta, highlighting a significant decrease in ownership percentages among executives.

APG Asset Management N.V. cut its holdings in Okta, Inc. (NASDAQ:OKTA - Free Report) by 3.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 93,536 shares of the company's stock after selling 2,870 shares during the quarter. APG Asset Management N.V. owned about 0.05% of Okta worth $9,111,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Smartleaf Asset Management LLC raised its position in Okta by 12.6% in the first quarter. Smartleaf Asset Management LLC now owns 824 shares of the company's stock worth $89,000 after acquiring an additional 92 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Okta by 0.8% during the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 31,370 shares of the company's stock worth $3,301,000 after buying an additional 261 shares during the period. APG Asset Management US Inc. raised its holdings in Okta by 89.8% during the 1st quarter. APG Asset Management US Inc. now owns 9,706 shares of the company's stock worth $1,016,000 after buying an additional 4,593 shares during the period. Kestra Advisory Services LLC raised its holdings in Okta by 5.5% during the 1st quarter. Kestra Advisory Services LLC now owns 9,042 shares of the company's stock worth $951,000 after buying an additional 470 shares during the period. Finally, Allstate Corp raised its holdings in Okta by 15.8% during the 1st quarter. Allstate Corp now owns 5,546 shares of the company's stock worth $584,000 after buying an additional 756 shares during the period. 86.64% of the stock is currently owned by institutional investors.

Okta Stock Performance

OKTA stock opened at $91.35 on Tuesday. 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 $15.99 billion, a P/E ratio of 145.00, a P/E/G ratio of 4.45 and a beta of 0.80. The firm has a 50 day simple moving average of $95.46 and a 200 day simple moving average of $102.46. Okta, Inc. has a 52 week low of $70.56 and a 52 week high of $127.57.

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

Analyst Ratings Changes

Several analysts have issued reports on OKTA shares. Arete Research upgraded Okta to a "strong sell" rating and set a $83.00 price objective on the stock in a report on Monday, July 7th. Stephens restated an "equal weight" rating and set a $127.00 price objective on shares of Okta in a report on Tuesday, May 27th. The Goldman Sachs Group boosted their price objective on Okta from $123.00 to $137.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Roth Capital reiterated a "buy" rating and issued a $119.00 target price on shares of Okta in a report on Wednesday, May 28th. Finally, BTIG Research reissued a "buy" rating on shares of Okta in a research report on Thursday, May 22nd. Twenty-one research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $118.61.

Insider Buying and Selling

In other Okta news, CEO Todd Mckinnon sold 31,592 shares of the business's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $95.30, for a total value of $3,010,717.60. Following the completion of the sale, the chief executive officer directly owned 20,682 shares of the company's stock, valued at $1,970,994.60. The trade was a 60.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CRO Jonathan James Addison sold 9,000 shares of the business's stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $100.00, for a total transaction of $900,000.00. Following the completion of the sale, the executive directly owned 7,067 shares of the company's stock, valued at $706,700. This represents a 56.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 88,594 shares of company stock valued at $8,382,790. 5.68% of the stock is owned by company insiders.

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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