Okta, Inc. (NASDAQ:OKTA) Stake Cut by Toronto Dominion Bank

Toronto Dominion Bank trimmed its stake in Okta, Inc. (NASDAQ:OKTA) by 99.3% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 15,353 shares of the company’s stock after selling 2,049,807 shares during the quarter. Toronto Dominion Bank’s holdings in Okta were worth $1,437,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Banque Cantonale Vaudoise lifted its stake in Okta by 4.3% in the first quarter. Banque Cantonale Vaudoise now owns 2,933 shares of the company’s stock valued at $307,000 after buying an additional 122 shares during the last quarter. Caprock Group LLC lifted its stake in Okta by 4.7% in the second quarter. Caprock Group LLC now owns 2,856 shares of the company’s stock valued at $267,000 after buying an additional 129 shares during the last quarter. National Bank of Canada FI lifted its stake in Okta by 11.0% in the second quarter. National Bank of Canada FI now owns 1,315 shares of the company’s stock valued at $124,000 after buying an additional 130 shares during the last quarter. EverSource Wealth Advisors LLC lifted 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 buying an additional 142 shares during the last quarter. Finally, CWM LLC lifted its stake in Okta by 5.3% in the second quarter. CWM LLC now owns 2,910 shares of the company’s stock valued at $272,000 after buying an additional 147 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 32,516 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $76.22, for a total transaction of $2,478,369.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Okta news, CEO Todd Mckinnon sold 32,516 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $76.22, for a total transaction of $2,478,369.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jacques Frederic Kerrest sold 34,620 shares of the firm’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $96.04, for a total value of $3,324,904.80. The disclosure for this sale can be found here. Insiders sold 575,059 shares of company stock worth $49,882,706 in the last quarter. 7.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Bank of America cut 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. Wells Fargo & Company lowered their price target on Okta from $100.00 to $90.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Guggenheim reissued a “buy” rating and set a $130.00 price target on shares of Okta in a report on Tuesday, June 25th. Canaccord Genuity Group lowered their price target on Okta from $95.00 to $90.00 and set a “hold” rating on the stock in a report on Thursday, August 29th. Finally, BMO Capital Markets raised their price target on Okta from $100.00 to $103.00 and gave the company a “market perform” rating in a 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 given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $104.62.

Okta Trading Up 0.5 %

NASDAQ:OKTA opened at $74.34 on Tuesday. 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 1-year low of $65.04 and a 1-year high of $114.50. The firm has a market capitalization of $12.63 billion, a price-to-earnings ratio of -44.51, a price-to-earnings-growth ratio of 37.51 and a beta of 1.01. The stock has a fifty day simple moving average of $84.80 and a 200 day simple moving average of $92.05.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share 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 business had revenue of $646.00 million during the quarter, compared to analyst estimates of $632.24 million. Sell-side analysts forecast that Okta, Inc. will post 0.09 earnings per share for the current year.

Okta 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.