Okta, Inc. (NASDAQ:OKTA) Shares Sold by Zacks Investment Management

Zacks Investment Management trimmed its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 2.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 39,064 shares of the company’s stock after selling 942 shares during the period. Zacks Investment Management’s holdings in Okta were worth $2,904,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of OKTA. Itau Unibanco Holding S.A. acquired a new position in shares of Okta in the 3rd quarter valued at $25,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Okta in the 3rd quarter valued at about $26,000. Blue Trust Inc. boosted its position in shares of Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after purchasing an additional 191 shares during the period. First Command Advisory Services Inc. purchased a new position in Okta during the 2nd quarter worth approximately $47,000. Finally, nVerses Capital LLC acquired a new position in Okta during the second quarter worth approximately $47,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

Okta Price Performance

NASDAQ:OKTA opened at $84.79 on Monday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a 50-day moving average price of $75.77 and a two-hundred day moving average price of $83.92. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $114.50.

Insider Activity

In other news, insider Larissa Schwartz sold 2,790 shares of the firm’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 in the company, valued at $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 available through this link. Also, CEO Todd Mckinnon sold 200,512 shares of the company’s 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 of the company’s stock, valued at $638,908.95. The trade was a 95.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 607,215 shares of company stock worth $46,304,810 over the last ninety days. 7.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on OKTA. Bank of America downgraded Okta from a “buy” rating to an “underperform” rating and decreased their price objective for the company from $135.00 to $75.00 in a report on Thursday, August 29th. Morgan Stanley upgraded shares of Okta from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $92.00 to $97.00 in a research note on Monday, December 2nd. Citigroup raised their price objective on shares of Okta from $90.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Scotiabank upped their target price on shares of Okta from $92.00 to $96.00 and gave the company a “sector perform” rating in a report on Wednesday, December 4th. Finally, Wells Fargo & Company increased their price target on Okta from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Okta currently has an average rating of “Hold” and an average target price of $103.77.

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.