Insider Selling: Okta, Inc. (NASDAQ:OKTA) CEO Sells 224,533 Shares of Stock

Okta, Inc. (NASDAQ:OKTA) CEO Todd Mckinnon sold 224,533 shares of the firm’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $74.62, for a total transaction of $16,754,652.46. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Todd Mckinnon also recently made the following trade(s):

• On Monday, September 23rd, Todd Mckinnon sold 32,516 shares of Okta stock. The shares were sold at an average price of $76.22, for a total transaction of $2,478,369.52.
• On Friday, September 20th, Todd Mckinnon sold 200,512 shares of Okta stock. The shares were sold at an average price of $75.21, for a total value of $15,080,507.52.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $72.16 on Thursday. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta, Inc. has a 52 week low of $65.04 and a 52 week high of $114.50. The firm’s 50 day moving average is $79.70 and its two-hundred day moving average is $88.74. The firm has a market capitalization of $12.26 billion, a P/E ratio of -85.90, a PEG ratio of 17.32 and a beta of 1.02.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.29. The company had revenue of $646.00 million for the quarter, compared to analysts’ expectations of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. Analysts anticipate that Okta, Inc. will post 0.19 earnings per share for the current year.

Institutional Trading of Okta

Several hedge funds and other institutional investors have recently modified their holdings of the business. B. Riley Wealth Advisors Inc. raised its holdings in Okta by 19.5% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 3,405 shares of the company’s stock valued at $308,000 after buying an additional 556 shares in the last quarter. SG Americas Securities LLC lifted its position in Okta by 122.3% in the third quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock worth $1,265,000 after purchasing an additional 9,364 shares during the period. Principal Financial Group Inc. increased its stake in Okta by 28.6% in the first quarter. Principal Financial Group Inc. now owns 13,144 shares of the company’s stock valued at $1,375,000 after acquiring an additional 2,925 shares during the period. Truist Financial Corp raised its holdings in shares of Okta by 62.5% in the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after buying an additional 200,770 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its stake in Okta by 14.0% during the first quarter. CANADA LIFE ASSURANCE Co now owns 229,105 shares of the company’s stock worth $23,976,000 after acquiring an additional 28,183 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Wall Street Analysts Forecast Growth

OKTA has been the topic of a number of research analyst reports. Canaccord Genuity Group decreased their target price on Okta from $90.00 to $82.00 and set a “hold” rating on the stock in a research note on Friday, October 18th. Susquehanna decreased their price objective on shares of Okta from $110.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Mizuho reduced their price objective on Okta from $104.00 to $92.00 and set a “neutral” rating for the company in a research report on Thursday, October 17th. Needham & Company LLC began coverage on shares of Okta in a research note on Thursday, October 17th. They set a “buy” rating and a $100.00 target price on the stock. Finally, Wells Fargo & Company dropped their target price on shares of Okta from $90.00 to $80.00 and set an “equal weight” rating for the company in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $98.96.

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.