Okta (NASDAQ:OKTA) Shares Down 1.6% - Time to Sell?

Okta, Inc. (NASDAQ:OKTA - Get Free Report)'s stock price dropped 1.6% during trading on Friday . The company traded as low as $97.92 and last traded at $98.60. Approximately 596,337 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 3,002,984 shares. The stock had previously closed at $100.18.

Wall Street Analyst Weigh In

OKTA has been the subject of a number of recent research reports. BMO Capital Markets set a $132.00 price objective on shares of Okta and gave the stock a "market perform" rating in a research note on Wednesday, May 28th. Stephens reaffirmed an "equal weight" rating and set a $127.00 price target on shares of Okta in a research report on Tuesday, May 27th. JMP Securities reaffirmed a "market perform" rating on shares of Okta in a research report on Wednesday, May 28th. Robert W. Baird upped their price target on Okta from $115.00 to $130.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. Finally, Roth Capital reaffirmed a "buy" rating and set a $119.00 price target on shares of Okta in a research report on Wednesday, May 28th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $121.59.

Okta Stock Performance

The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The company has a market capitalization of $17.07 billion, a PE ratio of -278.51, a price-to-earnings-growth ratio of 6.42 and a beta of 0.84. The firm's fifty day simple moving average is $109.25 and its 200 day simple moving average is $98.69.

Okta (NASDAQ:OKTA - Get Free Report) last posted its earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.09. Okta had a negative net margin of 1.54% and a positive return on equity of 0.47%. The business had revenue of $688.00 million for the quarter, compared to analyst estimates of $680.14 million. During the same period in the prior year, the company posted $0.65 EPS. The company's revenue for the quarter was up 11.5% on a year-over-year basis. On average, research analysts predict that Okta, Inc. will post 0.42 EPS for the current year.

Insider Transactions at Okta

In related news, insider Eric Robert Kelleher sold 5,895 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $113.75, for a total transaction of $670,556.25. Following the completion of the transaction, the insider now owns 9,828 shares in the company, valued at $1,117,935. This represents a 37.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Jonathan James Addison sold 7,005 shares of the company's stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $101.19, for a total transaction of $708,835.95. Following the transaction, the executive now owns 19,067 shares of the company's stock, valued at approximately $1,929,389.73. This trade represents a 26.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,452 shares of company stock valued at $2,697,360 in the last ninety days. 5.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Bank of Jackson Hole Trust acquired a new position in shares of Okta during the 4th quarter worth about $25,000. Wolff Wiese Magana LLC raised its position in shares of Okta by 167.4% during the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock worth $26,000 after purchasing an additional 154 shares during the last quarter. Wayfinding Financial LLC acquired a new position in shares of Okta during the 1st quarter worth about $27,000. Harbour Investments Inc. raised its position in shares of Okta by 152.4% during the 1st quarter. Harbour Investments Inc. now owns 260 shares of the company's stock worth $27,000 after purchasing an additional 157 shares during the last quarter. Finally, Rossby Financial LCC acquired a new stake in Okta in the 1st quarter valued at about $31,000. Institutional investors and hedge funds own 86.64% 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.