Independent Advisor Alliance Decreases Holdings in Okta, Inc. (NASDAQ:OKTA)

Independent Advisor Alliance lessened its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 7.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,886 shares of the company’s stock after selling 463 shares during the quarter. Independent Advisor Alliance’s holdings in Okta were worth $438,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Marshall Wace LLP raised its holdings in shares of Okta by 117.4% during the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after buying an additional 1,227,890 shares during the period. Eminence Capital LP raised its stake in shares of Okta by 18.1% during the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after purchasing an additional 305,381 shares during the period. Robeco Institutional Asset Management B.V. lifted its position in shares of Okta by 232.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock worth $29,479,000 after purchasing an additional 277,084 shares in the last quarter. Truist Financial Corp lifted its position in shares of Okta by 62.5% during the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after purchasing an additional 200,770 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Okta by 105.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after purchasing an additional 184,107 shares during the period. Institutional investors and hedge funds own 86.64% of the company’s stock.

Insider Activity at Okta

In other news, CEO Todd Mckinnon sold 224,533 shares of the company’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $74.62, for a total value of $16,754,652.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 2,791 shares of Okta stock in a transaction dated 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 directly owns 22,125 shares in the company, valued at approximately $1,581,937.50. The trade was a 11.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 475,789 shares of company stock worth $35,701,361 in the last 90 days. Corporate insiders own 7.00% of the company’s stock.

Okta Stock Performance

Shares of OKTA stock opened at $76.42 on Friday. The business has a 50 day simple moving average of $74.87 and a 200 day simple moving average of $84.96. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The firm has a market capitalization of $12.98 billion, a price-to-earnings ratio of -90.98, a price-to-earnings-growth ratio of 18.73 and a beta of 1.02. Okta, Inc. has a 12-month low of $66.69 and a 12-month high of $114.50.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.29. The company had revenue of $646.00 million for 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%. On average, equities research analysts anticipate that Okta, Inc. will post 0.19 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Westpark Capital reiterated a “buy” rating and issued a $140.00 price objective on shares of Okta in a report on Thursday, August 29th. Needham & Company LLC assumed coverage on Okta in a research note on Thursday, October 17th. They issued a “buy” rating and a $100.00 price target on the stock. Deutsche Bank Aktiengesellschaft lowered Okta from a “buy” rating to a “hold” rating and lowered their price objective for the company from $115.00 to $85.00 in a research note on Tuesday, November 12th. Scotiabank cut their target price on Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 29th. Finally, Bank of America downgraded shares of Okta from a “buy” rating to an “underperform” rating and decreased their price target for the stock from $135.00 to $75.00 in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Okta presently has a consensus rating of “Hold” and a consensus price target of $98.30.

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.