Oppenheimer & Co. Inc. reduced its position in Okta Inc (NASDAQ:OKTA) by 76.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,501 shares of the company’s stock after selling 34,719 shares during the period. Oppenheimer & Co. Inc.’s holdings in Okta were worth $739,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of OKTA. Ladenburg Thalmann Financial Services Inc. lifted its stake in Okta by 276.1% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,633 shares of the company’s stock valued at $105,000 after acquiring an additional 1,933 shares in the last quarter. Parallel Advisors LLC lifted its stake in Okta by 129.9% during the 2nd quarter. Parallel Advisors LLC now owns 2,393 shares of the company’s stock valued at $120,000 after acquiring an additional 1,352 shares in the last quarter. SG Americas Securities LLC bought a new position in Okta during the 2nd quarter valued at $139,000. Public Employees Retirement Association of Colorado bought a new position in Okta during the 2nd quarter valued at $160,000. Finally, Flagship Harbor Advisors LLC bought a new position in Okta during the 2nd quarter valued at $174,000. Institutional investors own 59.84% of the company’s stock.
Several brokerages have weighed in on OKTA. Zacks Investment Research upgraded Okta from a “hold” rating to a “buy” rating and set a $63.00 price objective on the stock in a research note on Wednesday. Robert W. Baird began coverage on Okta in a research note on Wednesday, October 17th. They set a “neutral” rating and a $65.00 price objective on the stock. Canaccord Genuity restated a “buy” rating and set a $75.00 price objective on shares of Okta in a research note on Wednesday, October 10th. William Blair restated an “outperform” rating on shares of Okta in a research note on Wednesday, October 10th. Finally, BidaskClub cut Okta from a “strong-buy” rating to a “buy” rating in a research note on Thursday, September 20th. One equities research analyst has rated the stock with a hold rating and seventeen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $68.50.
In other news, CFO William E. Losch sold 15,000 shares of Okta stock in a transaction on Monday, September 24th. The stock was sold at an average price of $68.67, for a total transaction of $1,030,050.00. Following the sale, the chief financial officer now directly owns 15,000 shares in the company, valued at approximately $1,030,050. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William E. Losch sold 20,000 shares of Okta stock in a transaction on Monday, October 22nd. The stock was sold at an average price of $56.92, for a total value of $1,138,400.00. Following the sale, the chief financial officer now owns 20,000 shares in the company, valued at $1,138,400. The disclosure for this sale can be found here. Insiders have sold a total of 632,819 shares of company stock worth $40,579,166 over the last quarter. Company insiders own 20.59% of the company’s stock.
NASDAQ OKTA opened at $56.10 on Wednesday. The firm has a market cap of $6.31 billion, a PE ratio of -40.95 and a beta of 0.97. Okta Inc has a one year low of $24.93 and a one year high of $75.49. The company has a current ratio of 2.90, a quick ratio of 2.90 and a debt-to-equity ratio of 1.08.
Okta (NASDAQ:OKTA) last released its earnings results on Thursday, September 6th. The company reported ($0.15) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.36) by $0.21. The company had revenue of $94.59 million for the quarter, compared to analysts’ expectations of $85.00 million. Okta had a negative return on equity of 56.91% and a negative net margin of 38.13%. The business’s revenue for the quarter was up 57.0% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.16) EPS. As a group, sell-side analysts forecast that Okta Inc will post -1.12 EPS for the current fiscal year.
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Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products to manage and secure identities, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for Web and mobile applications, and data of organization; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; and Mobility Management, which simplifies and automates mobile device administration and provisioning across phones, tablets, and laptops.
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