Okta (OKTA) Shares Down 0.1% Following Insider Selling
Okta Inc (NASDAQ:OKTA) shares were down 0.1% during trading on Monday after an insider sold shares in the company. The stock traded as low as $39.22 and last traded at $39.69. Approximately 2,233,590 shares traded hands during mid-day trading, an increase of 26% from the average daily volume of 1,777,086 shares. The stock had previously closed at $39.71.
Specifically, CEO Todd Mckinnon sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $26.11, for a total transaction of $1,958,250.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Jonathan T. Runyan sold 9,375 shares of the business’s stock in a transaction that occurred on Wednesday, December 20th. The shares were sold at an average price of $25.22, for a total value of $236,437.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 303,375 shares of company stock valued at $9,225,047.
Several equities research analysts have recently commented on OKTA shares. BidaskClub upgraded Okta from a “buy” rating to a “strong-buy” rating in a report on Thursday, February 22nd. Needham & Company LLC started coverage on Okta in a report on Wednesday, February 14th. They set a “buy” rating and a $38.00 price objective for the company. Oppenheimer restated a “buy” rating and set a $34.00 price objective on shares of Okta in a report on Thursday, December 7th. KeyCorp reaffirmed a “positive” rating and set a $43.00 target price (up previously from $35.00) on shares of Okta in a research report on Thursday, February 22nd. Finally, FBN Securities assumed coverage on Okta in a research report on Monday, January 22nd. They set an “outperform” rating and a $35.00 target price on the stock. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $41.45.
Okta (NASDAQ:OKTA) last announced its earnings results on Wednesday, March 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.05. The company had revenue of $77.80 million for the quarter, compared to analysts’ expectations of $76.77 million. Okta had a negative return on equity of 66.09% and a negative net margin of 43.99%. The business’s revenue was up 59.4% on a year-over-year basis. research analysts expect that Okta Inc will post -1.42 earnings per share for the current fiscal year.
Several large investors have recently made changes to their positions in the stock. OppenheimerFunds Inc. boosted its position in Okta by 1.9% in the fourth quarter. OppenheimerFunds Inc. now owns 106,850 shares of the company’s stock worth $2,736,000 after purchasing an additional 1,954 shares during the last quarter. Peregrine Capital Management LLC boosted its position in Okta by 0.6% in the fourth quarter. Peregrine Capital Management LLC now owns 315,659 shares of the company’s stock worth $8,084,000 after purchasing an additional 1,980 shares during the last quarter. California State Teachers Retirement System boosted its position in Okta by 11.2% in the third quarter. California State Teachers Retirement System now owns 21,900 shares of the company’s stock worth $618,000 after purchasing an additional 2,200 shares during the last quarter. Rhumbline Advisers boosted its position in Okta by 25.6% in the fourth quarter. Rhumbline Advisers now owns 16,469 shares of the company’s stock worth $422,000 after purchasing an additional 3,358 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in Okta by 32.3% in the third quarter. Wells Fargo & Company MN now owns 14,013 shares of the company’s stock worth $395,000 after purchasing an additional 3,421 shares during the last quarter. 39.10% of the stock is currently owned by institutional investors.
Okta, Inc is a United States-based independent provider of identity for the enterprise. The Company’s Okta Identity Cloud connects and protects employees. It also connects enterprises to their partners, suppliers and customers. The Company offers products, such as Okta information technology (IT) Products and Okta for Developers.
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