Truvestments Capital LLC Acquires 705 Shares of Okta, Inc. (NASDAQ:OKTA)

Truvestments Capital LLC lifted its holdings in Okta, Inc. (NASDAQ:OKTA) by 24.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,547 shares of the company’s stock after acquiring an additional 705 shares during the period. Truvestments Capital LLC’s holdings in Okta were worth $264,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Future Financial Wealth Managment LLC purchased a new position in Okta in the 3rd quarter worth approximately $26,000. Blue Trust Inc. raised its position in shares of Okta by 105.5% during the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after buying an additional 191 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Okta by 71.4% during the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after buying an additional 142 shares during the last quarter. First Command Advisory Services Inc. purchased a new position in shares of Okta in the second quarter worth $47,000. Finally, nVerses Capital LLC bought a new position in shares of Okta during the second quarter worth $47,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on OKTA shares. JPMorgan Chase & Co. reduced their price target on shares of Okta from $110.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, August 29th. Royal Bank of Canada reduced their target price on Okta from $125.00 to $101.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Bank of America lowered Okta from a “buy” rating to an “underperform” rating and dropped their price target for the company from $135.00 to $75.00 in a research note on Thursday, August 29th. Deutsche Bank Aktiengesellschaft downgraded Okta from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $115.00 to $85.00 in a research note on Tuesday, November 12th. Finally, Needham & Company LLC started coverage on Okta in a research report on Thursday, October 17th. They set a “buy” rating and a $100.00 target price for the company. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $98.30.

Insider Activity

In other news, insider Larissa Schwartz sold 2,790 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $74.01, for a total transaction of $206,487.90. Following the transaction, the insider now directly owns 27,713 shares in the company, valued at approximately $2,051,039.13. This trade represents a 9.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Todd Mckinnon sold 200,512 shares of Okta stock in a transaction on Friday, September 20th. The shares were sold at an average price of $75.21, for a total value of $15,080,507.52. Following the completion of the transaction, the chief executive officer now owns 8,495 shares in the company, valued at $638,908.95. This represents a 95.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 475,789 shares of company stock worth $35,701,361. Company insiders own 7.00% of the company’s stock.

Okta Price Performance

Shares of OKTA stock opened at $76.50 on Tuesday. The company has a market capitalization of $12.99 billion, a P/E ratio of -91.07, a P/E/G ratio of 18.75 and a beta of 1.02. The company’s 50-day simple moving average is $74.77 and its two-hundred day simple moving average is $85.17. Okta, Inc. has a one year low of $66.69 and a one year high of $114.50. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.29. The company had revenue of $646.00 million for the quarter, compared to analysts’ expectations of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. As a group, equities analysts anticipate that Okta, Inc. will post 0.19 EPS for the current year.

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.