Inspire Investing LLC Buys 3,586 Shares of Okta, Inc. (NASDAQ:OKTA)

Inspire Investing LLC boosted its stake in Okta, Inc. (NASDAQ:OKTA) by 15.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,882 shares of the company’s stock after purchasing an additional 3,586 shares during the quarter. Inspire Investing LLC’s holdings in Okta were worth $2,516,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. City State Bank increased its holdings in Okta by 160.0% in the first quarter. City State Bank now owns 260 shares of the company’s stock valued at $27,000 after purchasing an additional 160 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Okta by 71.4% in the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after acquiring an additional 142 shares during the period. First Command Advisory Services Inc. acquired a new position in Okta in the second quarter valued at about $47,000. nVerses Capital LLC acquired a new position in Okta in the second quarter valued at about $47,000. Finally, Principal Securities Inc. acquired a new position in Okta in the fourth quarter valued at about $48,000. Institutional investors own 86.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on OKTA shares. Robert W. Baird decreased their target price on Okta from $108.00 to $105.00 and set an “outperform” rating for the company in a research note on Thursday, August 29th. Wells Fargo & Company decreased their target price on Okta from $100.00 to $90.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. Needham & Company LLC reissued a “buy” rating and issued a $130.00 target price on shares of Okta in a research note on Thursday, August 29th. Scotiabank reduced their price objective on Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a research report on Thursday, August 29th. Finally, Piper Sandler reduced their price objective on Okta from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Okta has an average rating of “Hold” and a consensus price target of $105.14.

Okta Trading Down 0.4 %

NASDAQ OKTA opened at $73.89 on Thursday. 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, Inc. has a twelve month low of $65.04 and a twelve month high of $114.50. The company has a market cap of $12.43 billion, a price-to-earnings ratio of -44.25, a price-to-earnings-growth ratio of 40.71 and a beta of 1.02. The business’s fifty day moving average is $88.52 and its 200 day moving average is $94.21.

Insider Activity at Okta

In related news, CEO Todd Mckinnon sold 179,687 shares of the firm’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 owns 47,883 shares of the company’s stock, valued at approximately $4,473,229.86. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Jacques Frederic Kerrest sold 2,100 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $95.12, for a total transaction of $199,752.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd Mckinnon sold 179,687 shares of the firm’s stock in a transaction on Friday, July 19th. The stock was 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 disclosure for this sale can be found here. Insiders have sold a total of 347,411 shares of company stock valued at $32,837,280 in the last 90 days. 7.00% of the stock is owned by corporate insiders.

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.