Insider Selling: Okta Inc (OKTA) General Counsel Sells 3,000 Shares of Stock

Okta Inc (NASDAQ:OKTA) General Counsel Jonathan T. Runyan sold 3,000 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $106.11, for a total value of $318,330.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Okta stock traded up $1.22 during midday trading on Friday, reaching $110.93. The company’s stock had a trading volume of 2,060,232 shares, compared to its average volume of 2,050,441. Okta Inc has a 52 week low of $41.88 and a 52 week high of $111.65. The stock has a market cap of $12.31 billion, a PE ratio of -107.70 and a beta of 1.32.

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 the Zacks’ consensus estimate of ($0.27) by $0.03. Okta had a negative return on equity of 44.56% and a negative net margin of 31.43%. The firm had revenue of $115.47 million for the quarter, compared to analysts’ expectations of $107.94 million. Research analysts forecast that Okta Inc will post -1.38 earnings per share for the current year.



Institutional investors have recently added to or reduced their stakes in the business. Golden State Wealth Management LLC bought a new position in Okta in the first quarter valued at about $29,000. Ffcm LLC bought a new position in Okta in the fourth quarter valued at about $36,000. Optimum Investment Advisors bought a new position in Okta in the first quarter valued at about $50,000. Tortoise Index Solutions LLC bought a new position in Okta in the first quarter valued at about $55,000. Finally, Neuburgh Advisers LLC bought a new position in Okta in the first quarter valued at about $64,000. Hedge funds and other institutional investors own 64.83% of the company’s stock.

A number of brokerages recently commented on OKTA. Zacks Investment Research cut Okta from a “hold” rating to a “sell” rating in a research report on Thursday, May 9th. Needham & Company LLC restated a “buy” rating and issued a $105.00 price target (up previously from $96.00) on shares of Okta in a research report on Thursday, April 4th. Monness Crespi & Hardt raised their price target on Okta from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. Canaccord Genuity raised their price target on Okta from $85.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. They noted that the move was a valuation call. Finally, Mizuho began coverage on Okta in a research report on Tuesday, March 26th. They issued a “neutral” rating and a $85.00 price target on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $82.11.

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Okta Company Profile

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.

Read More: Net Income

Insider Buying and Selling by Quarter for Okta (NASDAQ:OKTA)

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