New World Advisors LLC Reduces Stock Position in Okta, Inc. (NASDAQ:OKTA)

New World Advisors LLC trimmed its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 33.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,185 shares of the company’s stock after selling 1,075 shares during the period. New World Advisors LLC’s holdings in Okta were worth $230,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. GPS Wealth Strategies Group LLC increased its stake in Okta by 7.2% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 1,484 shares of the company’s stock valued at $156,000 after purchasing an additional 100 shares in the last quarter. Frank Rimerman Advisors LLC grew its holdings in Okta by 2.4% in the fourth quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company’s stock valued at $352,000 after purchasing an additional 105 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Okta by 1.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 7,873 shares of the company’s stock valued at $620,000 after purchasing an additional 136 shares during the last quarter. Wolff Wiese Magana LLC increased its position in shares of Okta by 167.4% in the first quarter. Wolff Wiese Magana LLC now owns 246 shares of the company’s stock valued at $26,000 after buying an additional 154 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its position in shares of Okta by 3.1% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 5,646 shares of the company’s stock valued at $445,000 after buying an additional 171 shares in the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Price Performance

Okta stock opened at $98.21 on Thursday. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $127.57. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.47 and a current ratio of 1.47. The firm has a 50 day moving average price of $109.08 and a 200 day moving average price of $99.68. The company has a market cap of $17.19 billion, a price-to-earnings ratio of 155.89, a PEG ratio of 4.77 and a beta of 0.84.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.09. The company had revenue of $688.00 million for the quarter, compared to analyst estimates of $680.14 million. Okta had a net margin of 4.85% and a return on equity of 2.79%. Okta’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter last year, the business earned $0.65 EPS. Sell-side analysts predict that Okta, Inc. will post 0.42 earnings per share for the current year.

Insider Activity at Okta

In other news, Director Jacques Frederic Kerrest sold 581 shares of the stock in a transaction on Friday, June 20th. The shares were sold at an average price of $100.29, for a total value of $58,268.49. Following the completion of the sale, the director now owns 2,832 shares of the company’s stock, valued at $284,021.28. This represents a 17.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Larissa Schwartz sold 1,105 shares of the firm’s stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $98.50, for a total transaction of $108,842.50. Following the completion of the transaction, the insider now directly owns 25,884 shares in the company, valued at approximately $2,549,574. This represents a 4.09% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,935 shares of company stock worth $1,100,347. 5.68% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on OKTA shares. Evercore ISI boosted their price objective on shares of Okta from $122.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 28th. Barclays cut their target price on shares of Okta from $135.00 to $120.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 28th. Needham & Company LLC upped their price target on shares of Okta from $115.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, May 28th. Jefferies Financial Group reiterated a “hold” rating and issued a $135.00 price target (up from $110.00) on shares of Okta in a research report on Friday, May 23rd. Finally, Truist Financial lifted their price objective on Okta from $92.00 to $100.00 and gave the stock a “hold” rating in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, Okta presently has a consensus rating of “Moderate Buy” and an average target price of $121.59.

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.