Truist Financial Corp Reduces Position in Okta, Inc. (NASDAQ:OKTA)

Truist Financial Corp reduced its stake in Okta, Inc. (NASDAQ:OKTA - Free Report) by 21.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 114,775 shares of the company's stock after selling 31,376 shares during the period. Truist Financial Corp owned about 0.07% of Okta worth $10,391,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in OKTA. NBC Securities Inc. acquired a new stake in shares of Okta in the 3rd quarter valued at approximately $27,000. GAMMA Investing LLC acquired a new stake in shares of Okta in the 4th quarter valued at approximately $29,000. Harvest Fund Management Co. Ltd bought a new position in Okta in the 3rd quarter valued at approximately $39,000. Quintet Private Bank Europe S.A. bought a new position in Okta in the 3rd quarter valued at approximately $64,000. Finally, Tucker Asset Management LLC bought a new position in Okta in the 3rd quarter valued at approximately $65,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Okta Stock Up 1.1 %

NASDAQ OKTA traded up $1.07 during mid-day trading on Friday, hitting $96.55. The company's stock had a trading volume of 981,850 shares, compared to its average volume of 1,875,215. The company's 50 day simple moving average is $100.36 and its 200 day simple moving average is $86.55. Okta, Inc. has a twelve month low of $65.04 and a twelve month high of $114.50. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $16.16 billion, a price-to-earnings ratio of -44.00 and a beta of 0.98.

Okta (NASDAQ:OKTA - Get Free Report) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.49) by $0.35. Okta had a negative net margin of 15.69% and a negative return on equity of 5.69%. The business had revenue of $605.00 million during the quarter, compared to the consensus estimate of $586.25 million. Analysts anticipate that Okta, Inc. will post -1.51 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on OKTA. Citigroup raised their price objective on shares of Okta from $75.00 to $85.00 and gave the company a "neutral" rating in a report on Wednesday, January 10th. The Goldman Sachs Group raised their price objective on shares of Okta from $105.00 to $120.00 and gave the company a "buy" rating in a report on Thursday, February 29th. Susquehanna raised their price objective on shares of Okta from $70.00 to $115.00 and gave the company a "neutral" rating in a report on Monday, March 4th. Bank of America upgraded shares of Okta from an "underperform" rating to a "buy" rating and raised their price objective for the company from $64.00 to $135.00 in a report on Thursday, February 29th. Finally, BMO Capital Markets raised their price target on shares of Okta from $80.00 to $110.00 and gave the stock a "market perform" rating in a report on Thursday, February 29th. Twenty investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $100.39.

Insider Activity at Okta

In other Okta news, CAO Shibu Ninan sold 2,500 shares of Okta stock in a transaction on Friday, February 16th. The shares were sold at an average price of $90.23, for a total transaction of $225,575.00. Following the transaction, the chief accounting officer now directly owns 6,539 shares of the company's stock, valued at approximately $590,013.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Okta news, CAO Shibu Ninan sold 2,500 shares of Okta stock in a transaction on Friday, February 16th. The shares were sold at an average price of $90.23, for a total transaction of $225,575.00. Following the transaction, the chief accounting officer now directly owns 6,539 shares of the company's stock, valued at approximately $590,013.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Shellye L. Archambeau sold 5,000 shares of Okta stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $106.96, for a total transaction of $534,800.00. Following the transaction, the director now directly owns 6,042 shares in the company, valued at $646,252.32. The disclosure for this sale can be found here. In the last 90 days, insiders sold 11,779 shares of company stock valued at $1,205,990. 7.36% 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.