State of New Jersey Common Pension Fund D Sells 30,317 Shares of Okta, Inc. (NASDAQ:OKTA)

State of New Jersey Common Pension Fund D lessened its position in shares of Okta, Inc. (NASDAQ:OKTA) by 33.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,081 shares of the company’s stock after selling 30,317 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Okta were worth $5,624,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. City State Bank grew its holdings in shares of Okta by 160.0% in the 1st quarter. City State Bank now owns 260 shares of the company’s stock valued at $27,000 after acquiring an additional 160 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Okta by 71.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after acquiring an additional 142 shares in the last quarter. First Command Advisory Services Inc. acquired a new stake in Okta in the 2nd quarter valued at about $47,000. nVerses Capital LLC acquired a new stake in Okta in the 2nd quarter valued at about $47,000. Finally, Principal Securities Inc. acquired a new stake in Okta in the 4th quarter valued at about $48,000. Institutional investors own 86.64% of the company’s stock.

Wall Street Analyst Weigh In

OKTA has been the subject of several recent analyst reports. The Goldman Sachs Group cut their target price on shares of Okta from $130.00 to $113.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Susquehanna cut their target price on shares of Okta from $110.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Bank of America downgraded shares of Okta from a “buy” rating to an “underperform” rating and cut their target price for the company from $135.00 to $75.00 in a research note on Thursday, August 29th. Truist Financial reiterated a “hold” rating and issued a $95.00 target price (down from $105.00) on shares of Okta in a research note on Thursday, August 29th. Finally, Westpark Capital restated a “buy” rating and set a $140.00 price objective on shares of Okta in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $105.14.

Insider Activity at Okta

In related news, CEO Todd Mckinnon sold 179,687 shares of Okta stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $93.42, for a total value of $16,786,359.54. Following the transaction, the chief executive officer now directly owns 47,883 shares of the company’s stock, valued at $4,473,229.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Okta news, insider Larissa Schwartz sold 2,795 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $92.02, for a total transaction of $257,195.90. Following the sale, the insider now owns 27,014 shares of the company’s stock, valued at $2,485,828.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Todd Mckinnon sold 179,687 shares of the business’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $93.42, for a total transaction of $16,786,359.54. Following the sale, the chief executive officer now directly owns 47,883 shares in the company, valued at approximately $4,473,229.86. The disclosure for this sale can be found here. Insiders have sold 346,173 shares of company stock valued at $32,765,801 over the last three months. 7.00% of the stock is owned by insiders.

Okta Stock Performance

Shares of NASDAQ:OKTA opened at $74.06 on Monday. The company’s 50 day simple moving average is $89.41 and its 200 day simple moving average is $94.69. The stock has a market capitalization of $12.58 billion, a price-to-earnings ratio of -44.35, a price-to-earnings-growth ratio of 40.62 and a beta of 1.01. 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, Inc. has a 1 year low of $65.04 and a 1 year high of $114.50.

Okta Company Profile

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.