Westpac Banking Corp Sells 8,070 Shares of Okta, Inc. (NASDAQ:OKTA)

Key Points

• Westpac Banking Corp reduced its holdings in Okta, Inc. by 82.2% during the first quarter, ending with 1,747 shares valued at $184,000.
• Multiple institutional investors have recently increased their stakes in Okta, with 86.64% of the stock now owned by institutional investors.
• Brokerages are optimistic about Okta’s performance, with several raising their price targets; the current consensus rating for the stock is "Hold" with a target price of $118.61.

Westpac Banking Corp cut its holdings in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 82.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,747 shares of the company's stock after selling 8,070 shares during the quarter. Westpac Banking Corp's holdings in Okta were worth $184,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Motley Fool Asset Management LLC bought a new stake in Okta during the 1st quarter worth about $304,000. Nuveen LLC bought a new stake in shares of Okta in the 1st quarter valued at about $44,340,000. Aigen Investment Management LP bought a new stake in shares of Okta in the 1st quarter valued at about $1,099,000. Virtu Financial LLC bought a new stake in shares of Okta in the 1st quarter valued at about $1,729,000. Finally, Entropy Technologies LP bought a new stake in shares of Okta in the 1st quarter valued at about $1,067,000. 86.64% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on OKTA. Needham & Company LLC upped their target price on shares of Okta from $115.00 to $125.00 and gave the company a "buy" rating 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 company a "buy" rating in a report on Wednesday, May 28th. DA Davidson lowered their price target on shares of Okta from $145.00 to $140.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. BMO Capital Markets set a $132.00 price target on shares of Okta and gave the company a "market perform" rating in a report on Wednesday, May 28th. Finally, Canaccord Genuity Group increased their price target on shares of Okta from $100.00 to $115.00 and gave the company a "hold" rating in a report on Wednesday, May 28th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-one have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $118.61.

Okta Stock Performance

Shares of Okta stock opened at $90.98 on Thursday. Okta, Inc. has a fifty-two week low of $70.56 and a fifty-two week high of $127.57. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.47 and a quick ratio of 1.47. The firm has a market capitalization of $15.93 billion, a P/E ratio of 144.41, a P/E/G ratio of 4.32 and a beta of 0.80. The company's 50 day moving average price is $97.09 and its two-hundred day moving average price is $102.57.

Okta (NASDAQ:OKTA - Get Free Report) last issued its earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, beating analysts' consensus estimates of $0.77 by $0.09. Okta had a net margin of 4.85% and a return on equity of 2.79%. The firm had revenue of $688.00 million for the quarter, compared to analyst estimates of $680.14 million. During the same quarter last year, the business posted $0.65 earnings per share. The company's quarterly revenue was up 11.5% on a year-over-year basis. On average, equities analysts forecast that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

Insider Activity at Okta

In other news, insider Larissa Schwartz sold 2,244 shares of Okta stock in a transaction on Friday, June 20th. The shares were sold at an average price of $100.00, for a total transaction of $224,400.00. Following the transaction, the insider owned 23,640 shares in the company, valued at approximately $2,364,000. The trade was a 8.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brett Tighe sold 10,000 shares of Okta stock in a transaction on Friday, July 18th. The stock was 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 in the company, valued at approximately $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 88,594 shares of company stock valued at $8,382,790 in the last quarter. Insiders own 5.68% of the company's stock.

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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