Okta (NASDAQ:OKTA) Trading Down 1.6% – Time to Sell?

Okta, Inc. (NASDAQ:OKTA) was down 1.6% during trading on Friday . The stock traded as low as $97.92 and last traded at $98.60. Approximately 596,337 shares were traded 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 Analysts Forecast Growth

Several research analysts have commented on OKTA shares. JPMorgan Chase & Co. lifted their price target on Okta from $120.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, May 23rd. UBS Group dropped their price target on Okta from $150.00 to $130.00 and set a “buy” rating on the stock in a research report on Wednesday, May 28th. BMO Capital Markets set a $132.00 price target on Okta and gave the stock a “market perform” rating in a research report on Wednesday, May 28th. Roth Capital reissued a “buy” rating and set a $119.00 price objective on shares of Okta in a report on Wednesday, May 28th. Finally, Robert W. Baird lifted their price objective on Okta from $115.00 to $130.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $121.59.

Okta Trading Down 2.7%

The company has a 50 day moving average of $109.25 and a 200 day moving average of $98.84. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. The firm has a market cap of $17.07 billion, a price-to-earnings ratio of -278.51, a price-to-earnings-growth ratio of 6.42 and a beta of 0.84.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.09. Okta had a positive return on equity of 0.47% and a negative net margin of 1.54%. The firm had revenue of $688.00 million during the quarter, compared to the consensus estimate of $680.14 million. During the same quarter in the previous year, the company posted $0.65 EPS. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. As a group, research analysts anticipate that Okta, Inc. will post 0.42 EPS for the current year.

Insider Buying and Selling at Okta

In other news, CRO Jonathan James Addison sold 7,005 shares of the business’s stock in a transaction on Friday, April 11th. The stock was sold at an average price of $101.19, for a total transaction of $708,835.95. Following the completion of the sale, the executive now owns 19,067 shares in the company, valued at $1,929,389.73. The trade was a 26.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Eric Robert Kelleher sold 5,895 shares of the business’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $113.75, for a total value of $670,556.25. Following the sale, the insider now owns 9,828 shares of the company’s stock, valued at approximately $1,117,935. The trade was a 37.49% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,452 shares of company stock worth $2,697,360. 5.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Okta

A number of institutional investors and hedge funds have recently made changes to their positions in OKTA. Bank of Jackson Hole Trust bought a new stake in shares of Okta during the fourth quarter worth $25,000. Wolff Wiese Magana LLC raised its position in shares of Okta by 167.4% during the first quarter. Wolff Wiese Magana LLC now owns 246 shares of the company’s stock worth $26,000 after acquiring an additional 154 shares during the last quarter. Wayfinding Financial LLC bought a new stake in shares of Okta during the first quarter worth $27,000. Harbour Investments Inc. increased its holdings in Okta by 152.4% in the first quarter. Harbour Investments Inc. now owns 260 shares of the company’s stock valued at $27,000 after purchasing an additional 157 shares during the last quarter. Finally, Rossby Financial LCC bought a new stake in Okta in the first quarter valued at about $31,000. Institutional investors own 86.64% of the company’s stock.

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.