Western Pacific Wealth Management LP Cuts Stake in Okta, Inc. (NASDAQ:OKTA)

Western Pacific Wealth Management LP lowered its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 40.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 943 shares of the company’s stock after selling 635 shares during the period. Western Pacific Wealth Management LP’s holdings in Okta were worth $70,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the business. Sequoia Financial Advisors LLC bought a new stake in Okta in the first quarter valued at approximately $214,000. Nordea Investment Management AB boosted its position in Okta by 5.6% during the 1st quarter. Nordea Investment Management AB now owns 12,068 shares of the company’s stock valued at $1,263,000 after buying an additional 635 shares during the period. GSA Capital Partners LLP purchased a new stake in Okta during the 1st quarter valued at $709,000. Duality Advisers LP purchased a new position in shares of Okta in the first quarter valued at about $307,000. Finally, Empowered Funds LLC raised its stake in shares of Okta by 7.9% during the first quarter. Empowered Funds LLC now owns 4,633 shares of the company’s stock valued at $485,000 after acquiring an additional 339 shares during the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Stock Performance

NASDAQ:OKTA opened at $77.18 on Friday. Okta, Inc. has a fifty-two week low of $65.98 and a fifty-two week high of $114.50. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. The company has a 50 day moving average price of $74.39 and a 200 day moving average price of $86.90. The stock has a market capitalization of $13.11 billion, a P/E ratio of -91.88, a PEG ratio of 16.96 and a beta of 1.02.

Okta (NASDAQ:OKTA) last posted its earnings results 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 firm had revenue of $646.00 million for the quarter, compared to analyst estimates of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. Equities research analysts forecast that Okta, Inc. will post 0.19 EPS for the current year.

Insider Activity

In other news, insider Larissa Schwartz sold 2,790 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $74.01, for a total transaction of $206,487.90. Following the sale, the insider now owns 27,713 shares of the company’s stock, valued at approximately $2,051,039.13. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Larissa Schwartz sold 2,790 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $74.01, for a total transaction of $206,487.90. Following the completion of the transaction, the insider now directly owns 27,713 shares of the company’s stock, valued at approximately $2,051,039.13. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Todd Mckinnon sold 200,512 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the completion of the sale, the chief executive officer now directly owns 8,495 shares in the company, valued at approximately $638,908.95. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 478,584 shares of company stock valued at $35,958,556. 7.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on OKTA shares. Scotiabank cut their target price on Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 29th. Piper Sandler decreased their target price on Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, October 17th. JPMorgan Chase & Co. reduced their price objective on shares of Okta from $110.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, August 29th. Wells Fargo & Company dropped their target price on shares of Okta from $90.00 to $80.00 and set an “equal weight” rating for the company in a research report on Thursday, October 17th. Finally, DA Davidson reduced their price target on shares of Okta from $85.00 to $75.00 and set a “neutral” rating on the stock in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $99.39.

Okta Profile

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.