Westpac Banking Corp Has $184,000 Stake in Okta, Inc. (NASDAQ:OKTA)

Westpac Banking Corp reduced its stake in Okta, Inc. (NASDAQ:OKTA) by 82.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,747 shares of the company’s stock after selling 8,070 shares during the period. Westpac Banking Corp’s holdings in Okta were worth $184,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. TD Private Client Wealth LLC increased its stake in Okta by 19.6% in the first quarter. TD Private Client Wealth LLC now owns 561 shares of the company’s stock valued at $59,000 after purchasing an additional 92 shares in the last quarter. Allworth Financial LP increased its stake in Okta by 5.7% in the first quarter. Allworth Financial LP now owns 1,708 shares of the company’s stock valued at $173,000 after purchasing an additional 92 shares in the last quarter. GPS Wealth Strategies Group LLC increased its stake in Okta by 7.2% in the first 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. First Horizon Advisors Inc. increased its stake in Okta by 18.9% in the first quarter. First Horizon Advisors Inc. now owns 678 shares of the company’s stock valued at $71,000 after purchasing an additional 108 shares in the last quarter. Finally, Stephens Inc. AR increased its stake in Okta by 3.7% in the first quarter. Stephens Inc. AR now owns 3,417 shares of the company’s stock valued at $360,000 after purchasing an additional 121 shares in the last quarter. 86.64% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on OKTA. Stephens reaffirmed an “equal weight” rating and issued a $127.00 price target on shares of Okta in a research note on Tuesday, May 27th. UBS Group decreased their price target on shares of Okta from $150.00 to $130.00 and set a “buy” rating for the company in a research note on Wednesday, May 28th. DA Davidson decreased their target price on shares of Okta from $145.00 to $140.00 and set a “buy” rating for the company in a research report on Wednesday, May 28th. The Goldman Sachs Group boosted their target price on shares of Okta from $123.00 to $137.00 and gave the stock a “buy” rating in a research report on Wednesday, May 28th. Finally, Wall Street Zen raised shares of Okta from a “hold” rating to a “buy” rating in a research report on Sunday, August 3rd. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, Okta currently has an average rating of “Hold” and a consensus target price of $118.61.

Okta Stock Up 1.8%

OKTA opened at $90.98 on Thursday. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.05. The stock has a market cap of $15.93 billion, a price-to-earnings ratio of 144.41, a PEG ratio of 4.32 and a beta of 0.80. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $127.57. The company’s 50-day moving average price is $97.09 and its two-hundred day moving average price is $102.57.

Okta (NASDAQ:OKTA) last released its 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 firm had revenue of $688.00 million for the quarter, compared to analysts’ expectations of $680.14 million. Okta had a net margin of 4.85% and a return on equity of 2.79%. The company’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.65 earnings per share. As a group, equities analysts expect that Okta, Inc. will post 0.42 earnings per share for the current year.

Insider Transactions at Okta

In related news, insider Larissa Schwartz sold 2,244 shares of the company’s stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $100.00, for a total transaction of $224,400.00. Following the sale, the insider directly owned 23,640 shares in the company, valued at approximately $2,364,000. This represents a 8.67% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Eric Robert Kelleher sold 16,018 shares of the company’s stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $91.81, for a total transaction of $1,470,612.58. Following the sale, the insider owned 7,044 shares in the company, valued at $646,709.64. The trade was a 69.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 88,594 shares of company stock valued at $8,382,790. Corporate insiders own 5.68% of the company’s stock.

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.