Truist Financial Corp reduced its position in shares of Okta, Inc. (NASDAQ:OKTA – Free Report) by 4.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 122,664 shares of the company’s stock after selling 5,931 shares during the quarter. Truist Financial Corp owned 0.05% of Okta worth $10,579,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Okta by 1.7% in the 3rd quarter. Vanguard Group Inc. now owns 14,079,420 shares of the company’s stock valued at $800,697,000 after purchasing an additional 237,961 shares during the last quarter. Sands Capital Management LLC boosted its stake in shares of Okta by 158.0% during the 4th quarter. Sands Capital Management LLC now owns 6,313,967 shares of the company’s stock worth $431,433,000 after acquiring an additional 3,866,915 shares during the period. First Trust Advisors LP boosted its stake in shares of Okta by 2.2% during the 4th quarter. First Trust Advisors LP now owns 3,857,443 shares of the company’s stock worth $263,590,000 after acquiring an additional 83,072 shares during the period. Geode Capital Management LLC increased its holdings in shares of Okta by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 2,076,209 shares of the company’s stock worth $141,703,000 after acquiring an additional 70,240 shares during the last quarter. Finally, Soma Equity Partners LP bought a new stake in Okta in the 4th quarter valued at $111,036,000. Institutional investors and hedge funds own 76.57% of the company’s stock.
Okta Stock Performance
Shares of Okta stock opened at $69.95 on Thursday. The business has a 50-day moving average price of $72.13 and a two-hundred day moving average price of $75.94. Okta, Inc. has a 1-year low of $44.12 and a 1-year high of $109.35. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.33. The company has a market cap of $11.36 billion, a P/E ratio of -16.08 and a beta of 1.03.
Insider Activity at Okta
In other Okta news, insider Larissa Schwartz sold 1,958 shares of the firm’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $75.60, for a total value of $148,024.80. Following the completion of the sale, the insider now directly owns 20,522 shares in the company, valued at $1,551,463.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Todd Mckinnon sold 6,897 shares of Okta stock in a transaction on Friday, June 16th. The shares were sold at an average price of $75.60, for a total value of $521,413.20. Following the completion of the sale, the chief executive officer now owns 28,111 shares of the company’s stock, valued at approximately $2,125,191.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 1,958 shares of the company’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $75.60, for a total transaction of $148,024.80. Following the transaction, the insider now owns 20,522 shares in the company, valued at approximately $1,551,463.20. The disclosure for this sale can be found here. Insiders have sold 13,430 shares of company stock worth $1,015,308 in the last quarter. Company insiders own 7.36% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. lowered shares of Okta from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $95.00 to $85.00 in a research report on Thursday, June 1st. Morgan Stanley raised their price objective on shares of Okta from $84.00 to $89.00 and gave the stock an “equal weight” rating in a research report on Monday, July 31st. Sanford C. Bernstein lowered their target price on Okta from $92.00 to $84.00 in a research note on Thursday, June 1st. Oppenheimer lifted their price target on Okta from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, April 17th. Finally, Royal Bank of Canada upped their price objective on Okta from $100.00 to $110.00 in a report on Tuesday, May 30th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $87.08.
Read Our Latest Analysis on Okta
Okta Company Profile
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's, a suite of products and services is used 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 applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway enables organizations to extend the Workforce Identity Cloud; Advanced Server Access to manage and secure cloud infrastructure; and Okta Identity Governance, an identity access management and identity governance solutions.
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