Okta (NASDAQ:OKTA) Trading Down 6% Following Insider Selling

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Okta Inc (NASDAQ:OKTA) shares were down 6% on Monday after an insider sold shares in the company. The stock traded as low as $118.85 and last traded at $121.95, approximately 2,708,094 shares were traded during mid-day trading. An increase of 21% from the average daily volume of 2,239,972 shares. The stock had previously closed at $129.78.

Specifically, CFO William E. Losch sold 21,108 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $102.73, for a total value of $2,168,424.84. Following the completion of the sale, the chief financial officer now owns 12,572 shares in the company, valued at approximately $1,291,521.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Jonathan T. Runyan sold 707 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $102.57, for a total transaction of $72,516.99. Following the completion of the sale, the general counsel now owns 1,406 shares of the company’s stock, valued at approximately $144,213.42. The disclosure for this sale can be found here. In the last quarter, insiders sold 366,789 shares of company stock valued at $42,945,628. 14.69% of the stock is owned by insiders.

Several analysts recently commented on OKTA shares. Guggenheim upped their price target on shares of Okta from $125.00 to $152.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. ValuEngine cut shares of Okta from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. Morgan Stanley boosted their price objective on shares of Okta from $107.00 to $117.00 and gave the company an “equal weight” rating in a research note on Thursday, August 29th. They noted that the move was a valuation call. BidaskClub raised shares of Okta from a “hold” rating to a “buy” rating in a research note on Thursday, November 21st. Finally, Piper Jaffray Companies initiated coverage on shares of Okta in a research note on Friday, November 8th. They issued an “overweight” rating and a $135.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the company’s stock. Okta has an average rating of “Hold” and an average price target of $132.28.

The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $15.15 billion, a price-to-earnings ratio of -118.40 and a beta of 1.07. The firm’s 50 day simple moving average is $114.66 and its 200-day simple moving average is $120.41.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC acquired a new position in shares of Okta during the 2nd quarter worth $56,000. AE Wealth Management LLC acquired a new position in shares of Okta during the 2nd quarter worth $1,096,000. State of Alaska Department of Revenue grew its stake in shares of Okta by 47.6% during the 2nd quarter. State of Alaska Department of Revenue now owns 14,986 shares of the company’s stock worth $1,850,000 after purchasing an additional 4,835 shares during the period. World Asset Management Inc grew its stake in shares of Okta by 20.5% during the 2nd quarter. World Asset Management Inc now owns 3,373 shares of the company’s stock worth $417,000 after purchasing an additional 574 shares during the period. Finally, Daiwa Securities Group Inc. acquired a new position in shares of Okta during the 2nd quarter worth $471,000. 73.02% of the stock is currently owned by institutional investors.

About Okta (NASDAQ:OKTA)

Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products to manage and secure identities, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.

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