Okta Inc (NASDAQ:OKTA) shares were down 5.2% on Friday following insider selling activity. The company traded as low as $80.74 and last traded at $81.05. Approximately 1,650,836 shares traded hands during mid-day trading, a decline of 19% from the average daily volume of 2,032,138 shares. The stock had previously closed at $85.47.
Specifically, COO Jacques Frederic Kerrest sold 329,553 shares of Okta stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.81, for a total transaction of $26,960,730.93. Following the completion of the sale, the chief operating officer now owns 11,213 shares in the company, valued at approximately $917,335.53. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Benjamin A. Horowitz sold 98,242 shares of Okta stock in a transaction dated Tuesday, January 15th. The stock was sold at an average price of $71.76, for a total value of $7,049,845.92. Following the sale, the director now owns 11,765 shares of the company’s stock, valued at approximately $844,256.40. The disclosure for this sale can be found here. Insiders have sold a total of 772,405 shares of company stock valued at $61,346,593 in the last ninety days. Corporate insiders own 20.59% of the company’s stock.
OKTA has been the subject of several recent analyst reports. DA Davidson initiated coverage on Okta in a report on Tuesday, December 18th. They issued a “neutral” rating and a $62.00 price target for the company. Berenberg Bank started coverage on Okta in a report on Thursday, November 29th. They set a “buy” rating and a $73.00 target price on the stock. BidaskClub upgraded Okta from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 15th. Needham & Company LLC reiterated a “buy” rating and set a $96.00 target price (up from $75.00) on shares of Okta in a report on Friday, March 8th. Finally, Robert W. Baird reiterated a “hold” rating on shares of Okta in a report on Friday, March 8th. Six analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $80.61.
Okta (NASDAQ:OKTA) last released its earnings results on Thursday, March 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.03. The business had revenue of $115.47 million for the quarter, compared to the consensus estimate of $107.94 million. Okta had a negative return on equity of 44.56% and a negative net margin of 31.43%. As a group, analysts forecast that Okta Inc will post -1.38 earnings per share for the current fiscal year.
Several large investors have recently added to or reduced their stakes in the stock. Capital Impact Advisors LLC acquired a new stake in shares of Okta in the fourth quarter valued at about $1,744,000. MUFG Securities EMEA plc acquired a new stake in shares of Okta in the fourth quarter valued at about $7,669,000. American Century Companies Inc. increased its position in shares of Okta by 27.7% in the fourth quarter. American Century Companies Inc. now owns 46,375 shares of the company’s stock valued at $2,959,000 after acquiring an additional 10,051 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Okta by 11.9% in the fourth quarter. Geode Capital Management LLC now owns 828,545 shares of the company’s stock valued at $52,860,000 after acquiring an additional 87,926 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Okta in the fourth quarter valued at about $53,106,000. 66.04% of the stock is currently owned by institutional investors and hedge funds.
Okta Company Profile (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 Web and mobile applications, and data of organization; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; and Mobility Management, which simplifies and automates mobile device administration and provisioning across phones, tablets, and laptops.
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