Okta Inc (NASDAQ:OKTA) Director Sells $13,074,000.00 in Stock

Okta Inc (NASDAQ:OKTA) Director Patrick W. Grady sold 100,000 shares of the stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $130.74, for a total value of $13,074,000.00. Following the sale, the director now directly owns 383,669 shares in the company, valued at approximately $50,160,885.06. The sale was disclosed in a filing with the SEC, which is accessible through this link.

NASDAQ OKTA traded down $6.27 on Wednesday, hitting $126.87. The company’s stock had a trading volume of 1,585,404 shares, compared to its average volume of 2,063,640. Okta Inc has a 52-week low of $41.88 and a 52-week high of $141.85. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.12 and a current ratio of 1.12. The firm’s 50-day simple moving average is $132.04. The firm has a market capitalization of $14.90 billion, a price-to-earnings ratio of -123.28 and a beta of 1.01.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Thursday, May 30th. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.01. Okta had a negative return on equity of 53.36% and a negative net margin of 34.37%. The business had revenue of $125.20 million during the quarter, compared to analysts’ expectations of $116.83 million. During the same quarter last year, the business posted ($0.09) EPS. The business’s revenue was up 49.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Okta Inc will post -1.35 earnings per share for the current fiscal year.



Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Okta by 19.4% in the 2nd quarter. Vanguard Group Inc. now owns 9,386,104 shares of the company’s stock worth $1,159,277,000 after purchasing an additional 1,527,751 shares in the last quarter. Coatue Management LLC lifted its position in shares of Okta by 234.1% in the second quarter. Coatue Management LLC now owns 1,014,699 shares of the company’s stock valued at $125,326,000 after acquiring an additional 711,032 shares in the last quarter. Gilder Gagnon Howe & Co. LLC lifted its position in shares of Okta by 28.0% in the first quarter. Gilder Gagnon Howe & Co. LLC now owns 2,091,177 shares of the company’s stock valued at $173,003,000 after acquiring an additional 457,058 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of Okta in the second quarter valued at about $46,680,000. Finally, Swiss National Bank purchased a new position in shares of Okta in the second quarter valued at about $40,771,000. Institutional investors own 78.78% of the company’s stock.

A number of brokerages have weighed in on OKTA. ValuEngine lowered Okta from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Oppenheimer raised their price target on Okta from $115.00 to $130.00 and gave the stock an “outperform” rating in a research report on Thursday, June 13th. SunTrust Banks raised their price target on Okta to $110.00 and gave the stock a “hold” rating in a research report on Friday, May 31st. Monness Crespi & Hardt lowered Okta from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 28th. Finally, Zacks Investment Research upgraded Okta from a “sell” rating to a “hold” rating in a research report on Wednesday, June 5th. Ten investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $104.05.

About 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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