Fluent Financial LLC Sells 10,776 Shares of Okta, Inc. (NASDAQ:OKTA)

Fluent Financial LLC reduced its stake in Okta, Inc. (NASDAQ:OKTA) by 66.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,553 shares of the company’s stock after selling 10,776 shares during the period. Fluent Financial LLC’s holdings in Okta were worth $584,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Blue Trust Inc. increased its stake in shares of Okta by 103.8% during the fourth quarter. Blue Trust Inc. now owns 758 shares of the company’s stock valued at $56,000 after purchasing an additional 386 shares in the last quarter. Caprock Group LLC increased its stake in shares of Okta by 6.5% during the fourth quarter. Caprock Group LLC now owns 4,032 shares of the company’s stock valued at $318,000 after purchasing an additional 246 shares in the last quarter. Spire Wealth Management increased its stake in shares of Okta by 696.7% during the fourth quarter. Spire Wealth Management now owns 2,390 shares of the company’s stock valued at $188,000 after purchasing an additional 2,090 shares in the last quarter. Greenwood Capital Associates LLC bought a new position in shares of Okta during the fourth quarter valued at approximately $209,000. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Okta by 6.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 363,950 shares of the company’s stock valued at $28,679,000 after purchasing an additional 21,543 shares in the last quarter. 86.64% of the stock is owned by institutional investors.

Insider Transactions at Okta

In other news, CRO Jonathan James Addison sold 7,005 shares of Okta stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $101.19, for a total transaction of $708,835.95. Following the completion of the sale, the executive now directly owns 19,067 shares in the company, valued at approximately $1,929,389.73. This trade represents a 26.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 11,552 shares of Okta stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total value of $1,317,967.68. Following the transaction, the insider now owns 22,125 shares of the company’s stock, valued at $2,524,241.25. This represents a 34.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 24,452 shares of company stock valued at $2,697,360. 5.68% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

OKTA has been the subject of a number of analyst reports. Wells Fargo & Company raised their target price on shares of Okta from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 28th. Barclays reduced their price target on shares of Okta from $135.00 to $120.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 28th. KeyCorp raised their price target on shares of Okta from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Tuesday, March 4th. Morgan Stanley reduced their price target on shares of Okta from $125.00 to $123.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Finally, Truist Financial raised their price target on shares of Okta from $92.00 to $100.00 and gave the company a “hold” rating in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $121.59.

Okta Trading Up 2.0%

Shares of Okta stock opened at $105.60 on Thursday. The stock has a market cap of $18.33 billion, a P/E ratio of -301.71, a P/E/G ratio of 6.42 and a beta of 0.96. The stock’s 50 day simple moving average is $108.87 and its 200-day simple moving average is $97.43. Okta, Inc. has a 1-year low of $70.56 and a 1-year high of $127.57. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.77 by $0.09. The firm had revenue of $688.00 million for the quarter, compared to analyst estimates of $680.14 million. Okta had a negative net margin of 1.54% and a positive return on equity of 0.47%. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.65 EPS. Analysts predict that Okta, Inc. will post 0.42 EPS for the current fiscal 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.