Creative Planning Cuts Stock Holdings in Okta, Inc. (NASDAQ:OKTA)

Creative Planning lowered its stake in Okta, Inc. (NASDAQ:OKTA) by 3.7% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,391 shares of the company’s stock after selling 434 shares during the quarter. Creative Planning’s holdings in Okta were worth $1,066,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Nemes Rush Group LLC boosted its stake in Okta by 155.4% during the second quarter. Nemes Rush Group LLC now owns 1,267 shares of the company’s stock valued at $119,000 after buying an additional 771 shares during the last quarter. Mackenzie Financial Corp raised its holdings in shares of Okta by 19.7% during the 2nd quarter. Mackenzie Financial Corp now owns 17,919 shares of the company’s stock worth $1,677,000 after acquiring an additional 2,953 shares in the last quarter. Maplelane Capital LLC boosted its position in shares of Okta by 31.9% during the 2nd quarter. Maplelane Capital LLC now owns 343,000 shares of the company’s stock valued at $32,108,000 after acquiring an additional 83,016 shares during the last quarter. Maverick Capital Ltd. grew its holdings in shares of Okta by 235.4% in the second quarter. Maverick Capital Ltd. now owns 16,459 shares of the company’s stock valued at $1,541,000 after purchasing an additional 11,552 shares in the last quarter. Finally, MBB Public Markets I LLC bought a new stake in Okta in the second quarter worth $1,061,000. Institutional investors own 86.64% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on OKTA shares. Royal Bank of Canada reiterated an “outperform” rating and set a $125.00 price objective on shares of Okta in a research report on Thursday, August 29th. Piper Sandler lowered their price target on Okta from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. Scotiabank reduced their target price on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 29th. The Goldman Sachs Group dropped their price target 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. Finally, Stifel Nicolaus decreased their price objective on shares of Okta from $122.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $104.43.

Okta Trading Up 1.8 %

Okta stock opened at $77.93 on Friday. The stock has a 50-day moving average price of $81.62 and a 200 day moving average price of $90.46. The company has a market capitalization of $13.11 billion, a price-to-earnings ratio of -46.66, a price-to-earnings-growth ratio of 25.46 and a beta of 1.02. Okta, Inc. has a 52 week low of $65.04 and a 52 week high of $114.50. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18.

Okta (NASDAQ:OKTA) last released its quarterly earnings data 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 firm had revenue of $646.00 million for the quarter, compared to analyst estimates of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. Sell-side analysts anticipate that Okta, Inc. will post 0.12 EPS for the current year.

Insider Buying and Selling at Okta

In other Okta news, Director Jacques Frederic Kerrest sold 26,618 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $100.29, for a total transaction of $2,669,519.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Todd Mckinnon sold 32,516 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $76.22, for a total value of $2,478,369.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jacques Frederic Kerrest sold 26,618 shares of Okta stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $100.29, for a total value of $2,669,519.22. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 540,439 shares of company stock valued at $46,557,801. 7.00% of the stock is owned by company insiders.

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.