Okta Inc (NASDAQ:OKTA) Director Sells $5,661,037.23 in Stock

Okta Inc (NASDAQ:OKTA) Director Benjamin A. Horowitz sold 48,899 shares of Okta stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $115.77, for a total transaction of $5,661,037.23. Following the completion of the sale, the director now owns 15,735 shares in the company, valued at $1,821,640.95. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

OKTA stock opened at $98.56 on Friday. Okta Inc has a 12 month low of $41.88 and a 12 month high of $141.85. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.57. The company has a 50-day moving average price of $111.48 and a 200 day moving average price of $116.41. The stock has a market cap of $12.26 billion, a PE ratio of -95.69 and a beta of 1.00.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Wednesday, August 28th. The company reported ($0.32) EPS for the quarter, hitting analysts’ consensus estimates of ($0.32). Okta had a negative net margin of 31.90% and a negative return on equity of 53.93%. The firm had revenue of $140.48 million during the quarter, compared to analysts’ expectations of $131.19 million. During the same period in the previous year, the company earned ($0.15) EPS. The firm’s revenue for the quarter was up 48.5% compared to the same quarter last year. Sell-side analysts forecast that Okta Inc will post -1.42 EPS for the current year.

A number of brokerages have issued reports on OKTA. SunTrust Banks upgraded shares of Okta from a “hold” rating to a “buy” rating and lifted their price target for the company from $130.00 to $134.00 in a report on Wednesday, October 2nd. ValuEngine cut shares of Okta from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. Needham & Company LLC lifted their price objective on shares of Okta to $154.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Guggenheim lifted their price objective on shares of Okta from $125.00 to $152.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Finally, Robert W. Baird set a $135.00 price objective on shares of Okta and gave the stock a “hold” rating in a research note on Friday, September 13th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and twelve have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $130.00.

Several hedge funds have recently added to or reduced their stakes in OKTA. First Trust Advisors LP boosted its stake in shares of Okta by 4.2% during the 1st quarter. First Trust Advisors LP now owns 2,670,948 shares of the company’s stock worth $220,968,000 after purchasing an additional 107,132 shares during the period. Meridian Wealth Management LLC purchased a new position in shares of Okta during the 1st quarter worth about $48,000. Rehmann Capital Advisory Group boosted its stake in shares of Okta by 524.3% during the 1st quarter. Rehmann Capital Advisory Group now owns 5,962 shares of the company’s stock worth $493,000 after purchasing an additional 5,007 shares during the period. B. Riley Wealth Management Inc. purchased a new position in shares of Okta during the 1st quarter worth about $414,000. Finally, Laurel Wealth Advisors Inc. purchased a new position in shares of Okta during the 1st quarter worth about $414,000. 69.26% of the stock is owned by hedge funds and other institutional investors.

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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