Okta, Inc. (NASDAQ:OKTA) Shares Sold by Westfield Capital Management Co. LP

Key Points

• Westfield Capital Management Co. LP reduced its stake in Okta, Inc. by 27.9%, selling 223,480 shares, and now holds 578,946 shares valued at approximately $60.9 million.
• Massachusetts Financial Services Co. MA significantly increased its holdings by 325.6% during the first quarter, now owning nearly 3.7 million shares worth $389.3 million.
• Okta's CEO Todd Mckinnon sold 31,592 shares at an average price of $95.30, reducing his ownership by 60.44%, while CFO Brett Tighe sold 10,000 shares, decreasing his stake by 7.03%.

Westfield Capital Management Co. LP lowered its stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 27.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 578,946 shares of the company's stock after selling 223,480 shares during the quarter. Westfield Capital Management Co. LP owned approximately 0.33% of Okta worth $60,917,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Earned Wealth Advisors LLC purchased a new stake in Okta during the first quarter valued at about $206,000. Raiffeisen Bank International AG purchased a new stake in Okta during the first quarter valued at about $521,000. PNC Financial Services Group Inc. lifted its holdings in Okta by 3.7% during the first quarter. PNC Financial Services Group Inc. now owns 6,598 shares of the company's stock valued at $694,000 after purchasing an additional 236 shares during the last quarter. Baker Avenue Asset Management LP purchased a new stake in Okta during the first quarter valued at about $238,000. Finally, Commerce Bank lifted its holdings in Okta by 18.7% during the first quarter. Commerce Bank now owns 4,434 shares of the company's stock valued at $467,000 after purchasing an additional 700 shares during the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Okta

In other Okta news, CRO Jonathan James Addison sold 9,000 shares of the business's stock in a transaction 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 owned 7,067 shares of the company's stock, valued at approximately $706,700. The trade was a 56.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Brett Tighe sold 10,000 shares of the business's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $95.00, for a total value of $950,000.00. Following the transaction, the chief financial officer directly owned 132,288 shares in the company, valued at $12,567,360. This trade represents a 7.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 88,594 shares of company stock valued at $8,382,790 in the last three months. Company insiders own 5.68% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on OKTA shares. Morgan Stanley dropped their price objective on shares of Okta from $125.00 to $123.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Royal Bank Of Canada lowered their price target 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. Stifel Nicolaus increased 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. BTIG Research reissued a "buy" rating on shares of Okta in a report on Thursday, May 22nd. Finally, UBS Group lowered their price target on shares of Okta from $150.00 to $130.00 and set a "buy" rating on the stock in a 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $118.61.

Okta Price Performance

OKTA traded down $1.74 during trading on Tuesday, hitting $95.98. The company's stock had a trading volume of 1,639,451 shares, compared to its average volume of 3,548,725. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.05. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $127.57. The business's fifty day simple moving average is $98.62 and its 200 day simple moving average is $102.52. The firm has a market capitalization of $16.80 billion, a price-to-earnings 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 return on equity of 2.79% and a net margin of 4.85%. The firm had revenue of $688.00 million during the quarter, compared to analysts' expectations of $680.14 million. During the same period in the previous year, the business earned $0.65 earnings per share. The firm's revenue for the quarter was up 11.5% on a year-over-year basis. On average, equities research analysts forecast that Okta, Inc. will post 0.42 EPS for the current fiscal year.

About Okta

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.