Western Pacific Wealth Management LP Reduces Position in Okta, Inc. (NASDAQ:OKTA)

Western Pacific Wealth Management LP lowered its position in Okta, Inc. (NASDAQ:OKTA) by 40.2% in the third quarter, Holdings Channel.com reports. The institutional investor owned 943 shares of the company’s stock after selling 635 shares during the period. Western Pacific Wealth Management LP’s holdings in Okta were worth $70,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Sequoia Financial Advisors LLC acquired a new position in shares of Okta in the 1st quarter valued at $214,000. Nordea Investment Management AB increased its stake in Okta by 5.6% in the first quarter. Nordea Investment Management AB now owns 12,068 shares of the company’s stock valued at $1,263,000 after purchasing an additional 635 shares during the period. GSA Capital Partners LLP acquired a new position in Okta in the first quarter valued at $709,000. Duality Advisers LP acquired a new position in Okta in the 1st quarter valued at about $307,000. Finally, Empowered Funds LLC grew its stake in shares of Okta by 7.9% in the 1st quarter. Empowered Funds LLC now owns 4,633 shares of the company’s stock valued at $485,000 after purchasing an additional 339 shares during the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Stock Up 0.7 %

OKTA opened at $77.18 on Friday. 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 stock has a market capitalization of $13.11 billion, a price-to-earnings ratio of -91.88, a price-to-earnings-growth ratio of 16.96 and a beta of 1.02. The business has a 50-day moving average of $74.39 and a two-hundred day moving average of $86.90. Okta, Inc. has a 12 month low of $65.98 and a 12 month high of $114.50.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, topping 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 firm had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $632.24 million. On average, research analysts expect that Okta, Inc. will post 0.19 earnings per share for the current year.

Insider Activity at Okta

In related news, insider Larissa Schwartz sold 2,795 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $92.02, for a total value of $257,195.90. Following the sale, the insider now directly owns 27,014 shares of the company’s stock, valued at $2,485,828.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Okta news, insider Larissa Schwartz sold 2,795 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $92.02, for a total value of $257,195.90. Following the transaction, the insider now owns 27,014 shares of the company’s stock, valued at $2,485,828.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Jonathan James Addison sold 9,850 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $77.63, for a total transaction of $764,655.50. Following the transaction, the executive now owns 14,601 shares of the company’s stock, valued at $1,133,475.63. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 478,584 shares of company stock valued at $35,958,556. Insiders own 7.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Susquehanna cut their price objective on shares of Okta from $110.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. BTIG Research cut their price target on shares of Okta from $128.00 to $98.00 and set a “buy” rating for the company in a report on Thursday, October 17th. Mizuho lowered their price objective on Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a report on Thursday, October 17th. Scotiabank cut their target price on Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a research note on Thursday, August 29th. Finally, BMO Capital Markets upped their price objective on Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Okta has an average rating of “Hold” and a consensus price target of $99.39.

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.