Okta (NASDAQ:OKTA) Stock Price Down 3.4% – Here’s What Happened

Okta, Inc. (NASDAQ:OKTA) shares dropped 3.4% on Wednesday . The company traded as low as $75.36 and last traded at $75.96. Approximately 2,278,984 shares changed hands during trading, an increase of 18% from the average daily volume of 1,930,123 shares. The stock had previously closed at $78.65.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Stifel Nicolaus reduced their target price on Okta from $122.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $130.00 target price on shares of Okta in a report on Thursday, August 29th. Susquehanna dropped their target price on Okta from $110.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Westpark Capital reissued a “buy” rating and set a $140.00 price target on shares of Okta in a research report on Thursday, August 29th. Finally, Jefferies Financial Group cut their price objective on shares of Okta from $100.00 to $85.00 and set a “hold” rating on the stock in a research note on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Okta has a consensus rating of “Hold” and a consensus target price of $104.43.

Okta Stock Down 3.7 %

The firm’s fifty day simple moving average is $81.23 and its two-hundred day simple moving average is $89.69. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $12.74 billion, a price-to-earnings ratio of -47.10, a price-to-earnings-growth ratio of 26.91 and a beta of 1.02.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.29. The firm had revenue of $646.00 million for the quarter, compared to analysts’ expectations of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. Sell-side analysts anticipate that Okta, Inc. will post 0.12 EPS for the current year.

Insider Activity at Okta

In other news, insider Larissa Schwartz sold 2,790 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $74.01, for a total value of $206,487.90. Following the sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction on Monday, September 16th. The stock was sold at an average price of $74.01, for a total value of $206,487.90. Following the completion of the sale, 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 this hyperlink. Also, CEO Todd Mckinnon sold 179,687 shares of the stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $93.42, for a total value of $16,786,359.54. Following the transaction, the chief executive officer now directly owns 47,883 shares in the company, valued at approximately $4,473,229.86. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 511,029 shares of company stock worth $43,610,757. Company insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in Okta by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 15,848,525 shares of the company’s stock valued at $1,658,073,000 after buying an additional 128,906 shares during the period. Marshall Wace LLP grew its stake in Okta by 117.4% during the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after purchasing an additional 1,227,890 shares in the last quarter. Eminence Capital LP increased its holdings in Okta by 18.1% during the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after purchasing an additional 305,381 shares during the period. Primecap Management Co. CA raised its position in Okta by 0.8% in the 2nd quarter. Primecap Management Co. CA now owns 1,356,216 shares of the company’s stock valued at $126,955,000 after purchasing an additional 10,800 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Okta by 20.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock valued at $96,388,000 after buying an additional 178,011 shares during the period. Institutional investors and hedge funds own 86.64% of the company’s stock.

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.