Principal Financial Group Inc. Lowers Holdings in Okta, Inc. (NASDAQ:OKTA)

Principal Financial Group Inc. decreased its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 5.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,726 shares of the company’s stock after selling 654 shares during the quarter. Principal Financial Group Inc.’s holdings in Okta were worth $872,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its holdings in shares of Okta by 71.4% during the 1st 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 period. Future Financial Wealth Managment LLC acquired a new position in Okta in the third quarter valued at about $26,000. Blue Trust Inc. lifted its position in Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after buying an additional 191 shares during the last quarter. First Command Advisory Services Inc. purchased a new position in Okta during the second quarter worth about $47,000. Finally, nVerses Capital LLC acquired a new stake in shares of Okta during the second quarter valued at about $47,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Insider Activity at Okta

In related news, CRO Jonathan James Addison sold 9,850 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $77.63, for a total value of $764,655.50. Following the completion of the sale, the executive now directly owns 14,601 shares of the company’s stock, valued at $1,133,475.63. This represents a 40.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Larissa Schwartz sold 2,791 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $71.50, for a total value of $199,556.50. Following the transaction, the insider now owns 22,125 shares in the company, valued at $1,581,937.50. This represents a 11.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 475,789 shares of company stock valued at $35,701,361 in the last ninety days. Insiders own 7.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on OKTA shares. Truist Financial decreased their price objective on shares of Okta from $95.00 to $80.00 and set a “hold” rating on the stock in a report on Thursday, October 17th. JPMorgan Chase & Co. lowered their price target on Okta from $110.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. UBS Group dropped their price objective on Okta from $120.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Mizuho decreased their target price on Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a research note on Thursday, October 17th. Finally, Citigroup lowered their target price on Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $98.30.

Okta Trading Up 1.5 %

OKTA opened at $76.57 on Friday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. Okta, Inc. has a one year low of $66.69 and a one year high of $114.50. The company has a market cap of $13.01 billion, a P/E ratio of -91.15, a PEG ratio of 18.47 and a beta of 1.02. The business’s 50-day simple moving average is $74.72 and its 200-day simple moving average is $85.40.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.29. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. The firm had revenue of $646.00 million during the quarter, compared to the consensus estimate of $632.24 million. As a group, equities research analysts expect 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.