US Bancorp DE Has $7.44 Million Stake in Okta, Inc. (NASDAQ:OKTA)

Key Points

• US Bancorp DE has reduced its stake in Okta, Inc. by 8.9%, now holding 70,745 shares valued at approximately $7.44 million.
• In the first quarter, several institutional investors have significantly increased their positions in Okta, with 86.64% of the stock currently owned by institutional investors.
• Okta reported a year-over-year revenue increase of 11.5% for the quarter, with earnings per share of $0.86, exceeding consensus estimates by $0.09.

US Bancorp DE trimmed its stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 8.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 70,745 shares of the company's stock after selling 6,901 shares during the quarter. US Bancorp DE's holdings in Okta were worth $7,444,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OKTA. Prudential Financial Inc. increased its position in shares of Okta by 26.2% in the fourth quarter. Prudential Financial Inc. now owns 10,200 shares of the company's stock worth $751,000 after acquiring an additional 2,115 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Okta by 68.8% in the fourth quarter. Wellington Management Group LLP now owns 34,042 shares of the company's stock worth $2,683,000 after acquiring an additional 13,869 shares in the last quarter. Alliancebernstein L.P. increased its stake in Okta by 32.1% in the 4th quarter. Alliancebernstein L.P. now owns 93,450 shares of the company's stock valued at $7,364,000 after buying an additional 22,702 shares during the period. Geode Capital Management LLC grew its position in Okta by 5.3% in the fourth quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company's stock worth $212,385,000 after acquiring an additional 135,110 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. bought a new stake in Okta in the fourth quarter worth approximately $3,629,000. 86.64% of the stock is currently owned by institutional investors.

Okta Price Performance

OKTA traded down $1.74 during midday trading on Tuesday, hitting $95.98. The company had a trading volume of 1,639,451 shares, compared to its average volume of 3,548,725. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $127.57. The firm's 50-day simple moving average is $98.62 and its 200-day simple moving average is $102.52. 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 company has a market capitalization of $16.80 billion, a PE ratio of 152.35, a P/E/G ratio of 4.73 and a beta of 0.80.

Okta (NASDAQ:OKTA - Get Free Report) last issued its quarterly 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. Okta had a net margin of 4.85% and a return on equity of 2.79%. The company had revenue of $688.00 million during the quarter, compared to analysts' expectations of $680.14 million. During the same quarter in the previous year, the company earned $0.65 EPS. Okta's revenue was up 11.5% on a year-over-year basis. Equities research analysts predict that Okta, Inc. will post 0.42 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on OKTA shares. Barclays decreased their target price on shares of Okta from $135.00 to $120.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 28th. DA Davidson reduced their price objective 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. Wall Street Zen upgraded shares of Okta from a "hold" rating to a "buy" rating in a research note on Sunday. Loop Capital assumed coverage on shares of Okta in a research note on Monday, May 5th. They issued a "buy" rating and a $140.00 price objective for the company. Finally, Mizuho reduced their price objective on shares of Okta from $135.00 to $130.00 and set an "outperform" rating for the company in a research note on Wednesday, May 28th. Three research 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's stock. According to data from MarketBeat.com, Okta currently has an average rating of "Hold" and an average price target of $118.61.

Insider Buying and Selling at Okta

In related news, CFO Brett Tighe sold 10,000 shares of Okta stock in a transaction that occurred on 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 owned 132,288 shares of the company's stock, valued at $12,567,360. This trade represents a 7.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Jonathan James Addison sold 9,000 shares of Okta 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 transaction, the executive directly owned 7,067 shares in the company, valued at $706,700. The trade was a 56.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 88,594 shares of company stock worth $8,382,790 over the last ninety days. 5.68% of the stock is owned by corporate insiders.

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.