Insider Selling: Okta Inc (NASDAQ:OKTA) CFO Sells 20,000 Shares of Stock

Okta Inc (NASDAQ:OKTA) CFO William E. Losch sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $81.58, for a total value of $1,631,600.00. Following the transaction, the chief financial officer now owns 28,798 shares of the company’s stock, valued at $2,349,340.84. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Shares of OKTA traded down $0.26 during midday trading on Friday, reaching $91.94. 1,894,321 shares of the stock were exchanged, compared to its average volume of 2,101,501. Okta Inc has a 52 week low of $40.24 and a 52 week high of $97.24. The company has a market capitalization of $10.32 billion, a price-to-earnings ratio of -89.26 and a beta of 1.16.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Thursday, March 7th. The company reported ($0.24) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.03. Okta had a negative return on equity of 44.56% and a negative net margin of 31.43%. The company had revenue of $115.47 million for the quarter, compared to the consensus estimate of $107.94 million. On average, equities analysts forecast that Okta Inc will post -1.38 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Highland Capital Management LLC acquired a new stake in Okta in the first quarter worth about $1,374,000. Wedbush Securities Inc. purchased a new position in shares of Okta in the first quarter worth about $333,000. Growth Interface Management LLC raised its stake in shares of Okta by 348.6% in the first quarter. Growth Interface Management LLC now owns 157,000 shares of the company’s stock worth $12,989,000 after purchasing an additional 122,000 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in shares of Okta in the first quarter worth about $385,000. Finally, Peregrine Capital Management LLC raised its stake in shares of Okta by 1.2% in the first quarter. Peregrine Capital Management LLC now owns 271,026 shares of the company’s stock worth $22,422,000 after purchasing an additional 3,198 shares during the last quarter. 65.77% of the stock is owned by institutional investors and hedge funds.

Several research analysts have weighed in on the company. Needham & Company LLC restated a “buy” rating and issued a $105.00 price target (up from $96.00) on shares of Okta in a research note on Thursday, April 4th. Monness Crespi & Hardt upped their price objective on Okta from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. Canaccord Genuity upped their price objective on Okta from $85.00 to $95.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. They noted that the move was a valuation call. Mizuho began coverage on Okta in a report on Tuesday, March 26th. They set a “neutral” rating and a $85.00 price objective on the stock. Finally, Goldman Sachs Group raised Okta from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $80.00 to $94.00 in a report on Monday, March 18th. Seven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $82.11.

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About Okta

Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products to manage and secure identities, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.

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Insider Buying and Selling by Quarter for Okta (NASDAQ:OKTA)

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