Palo Alto Wealth Advisors LLC Sells 1,955 Shares of Okta, Inc. (NASDAQ:OKTA)

Palo Alto Wealth Advisors LLC lowered its position in Okta, Inc. (NASDAQ:OKTA) by 24.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,080 shares of the company’s stock after selling 1,955 shares during the quarter. Palo Alto Wealth Advisors LLC’s holdings in Okta were worth $450,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of OKTA. EverSource Wealth Advisors LLC raised its stake in shares of Okta by 71.4% in the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after purchasing an additional 142 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new position in Okta during the third quarter worth about $26,000. Blue Trust Inc. lifted its stake in shares of Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after purchasing an additional 191 shares during the last quarter. First Command Advisory Services Inc. acquired a new stake in Okta in the 2nd quarter valued at approximately $47,000. Finally, nVerses Capital LLC acquired a new stake in Okta during the 2nd quarter worth approximately $47,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Stifel Nicolaus cut their target price on Okta from $122.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Wells Fargo & Company lowered their price target on Okta from $90.00 to $80.00 and set an “equal weight” rating for the company in a report on Thursday, October 17th. JPMorgan Chase & Co. lowered their target price on Okta from $110.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. Canaccord Genuity Group lowered their price objective on shares of Okta from $90.00 to $82.00 and set a “hold” rating for the company in a research report on Friday, October 18th. Finally, Jefferies Financial Group reduced their price objective on shares of Okta from $100.00 to $85.00 and set a “hold” rating for the company in a report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, eighteen have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $98.90.

Insider Buying and Selling

In related news, insider Larissa Schwartz sold 2,791 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $71.50, for a total transaction of $199,556.50. Following the sale, the insider now owns 22,125 shares in the company, valued at approximately $1,581,937.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Larissa Schwartz sold 2,791 shares of Okta stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $71.50, for a total transaction of $199,556.50. Following the completion of the sale, the insider now owns 22,125 shares in the company, valued at $1,581,937.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Todd Mckinnon sold 224,533 shares of Okta stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $74.62, for a total value of $16,754,652.46. The disclosure for this sale can be found here. Over the last quarter, insiders sold 475,789 shares of company stock worth $35,701,361. 7.00% of the stock is owned by insiders.

Okta Trading Down 1.0 %

Okta stock traded down $0.78 during trading hours on Thursday, reaching $77.64. The stock had a trading volume of 508,717 shares, compared to its average volume of 1,913,104. The stock has a market cap of $13.19 billion, a PE ratio of -93.36, a PEG ratio of 17.89 and a beta of 1.02. The company has a fifty day simple moving average of $74.45 and a 200-day simple moving average of $86.42. Okta, Inc. has a 52 week low of $66.69 and a 52 week high of $114.50. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83.

Okta (NASDAQ:OKTA) last issued its earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. The business had revenue of $646.00 million during the quarter, compared to analyst estimates of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. Analysts forecast that Okta, Inc. will post 0.19 EPS for the current fiscal year.

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.