Insider Selling: Okta, Inc. (NASDAQ:OKTA) CFO Sells 5,000 Shares of Stock

Okta, Inc. (NASDAQ:OKTA) CFO Brett Tighe sold 5,000 shares of Okta stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $89.00, for a total transaction of $445,000.00. Following the transaction, the chief financial officer now directly owns 112,533 shares of the company’s stock, valued at $10,015,437. This represents a 4.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Okta Trading Down 0.6 %

OKTA stock traded down $0.55 during trading on Thursday, hitting $88.07. The company had a trading volume of 1,913,748 shares, compared to its average volume of 2,582,623. Okta, Inc. has a 52-week low of $70.56 and a 52-week high of $114.50. The company has a 50 day simple moving average of $81.65 and a 200-day simple moving average of $82.27. The firm has a market capitalization of $15.09 billion, a P/E ratio of -251.63, a PEG ratio of 9.03 and a beta of 1.00. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on OKTA. Morgan Stanley upgraded Okta from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $92.00 to $97.00 in a research report on Monday, December 2nd. JPMorgan Chase & Co. upgraded Okta from a “neutral” rating to an “overweight” rating and set a $100.00 price target on the stock in a research report on Monday, December 16th. BMO Capital Markets upped their target price on shares of Okta from $103.00 to $105.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Canaccord Genuity Group raised their price objective on Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. Finally, Sanford C. Bernstein decreased their target price on Okta from $129.00 to $124.00 and set an “outperform” rating for the company in a research note on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $104.55.

Hedge Funds Weigh In On Okta

Several institutional investors have recently made changes to their positions in OKTA. Caprock Group LLC grew its holdings in Okta by 6.5% during the 4th quarter. Caprock Group LLC now owns 4,032 shares of the company’s stock worth $318,000 after acquiring an additional 246 shares in the last quarter. Alta Wealth Advisors LLC boosted its stake in shares of Okta by 67.4% during the fourth quarter. Alta Wealth Advisors LLC now owns 5,030 shares of the company’s stock valued at $396,000 after purchasing an additional 2,025 shares in the last quarter. Mediolanum International Funds Ltd increased its holdings in Okta by 247.1% during the fourth quarter. Mediolanum International Funds Ltd now owns 27,289 shares of the company’s stock valued at $2,168,000 after buying an additional 19,428 shares during the period. Swedbank AB raised its stake in Okta by 6.4% in the fourth quarter. Swedbank AB now owns 85,124 shares of the company’s stock worth $6,708,000 after buying an additional 5,113 shares in the last quarter. Finally, Forsta AP Fonden lifted its holdings in Okta by 40.5% during the fourth quarter. Forsta AP Fonden now owns 73,900 shares of the company’s stock worth $5,823,000 after buying an additional 21,300 shares during the period. Hedge funds and other 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.