Bleakley Financial Group LLC Lowers Stock Holdings in Okta, Inc. (NASDAQ:OKTA)

Bleakley Financial Group LLC lowered its position in Okta, Inc. (NASDAQ:OKTA - Free Report) by 74.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,881 shares of the company's stock after selling 11,376 shares during the quarter. Bleakley Financial Group LLC's holdings in Okta were worth $406,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Cerity Partners LLC raised its position in shares of Okta by 6,192.3% in the fourth quarter. Cerity Partners LLC now owns 3,172,223 shares of the company's stock valued at $287,181,000 after purchasing an additional 3,121,809 shares during the period. Sands Capital Management LLC raised its position in shares of Okta by 42.3% in the fourth quarter. Sands Capital Management LLC now owns 8,358,414 shares of the company's stock valued at $756,687,000 after purchasing an additional 2,486,456 shares during the period. Norges Bank bought a new position in shares of Okta in the fourth quarter valued at about $150,794,000. First Trust Advisors LP raised its position in shares of Okta by 28.1% in the fourth quarter. First Trust Advisors LP now owns 4,085,430 shares of the company's stock valued at $369,854,000 after purchasing an additional 897,216 shares during the period. Finally, Point72 Asset Management L.P. raised its position in shares of Okta by 1,465.8% in the fourth quarter. Point72 Asset Management L.P. now owns 682,900 shares of the company's stock valued at $61,823,000 after purchasing an additional 732,900 shares during the period. Institutional investors and hedge funds own 86.64% of the company's stock.

Okta Price Performance

Shares of OKTA traded up $0.11 during mid-day trading on Friday, reaching $94.03. The company had a trading volume of 1,411,561 shares, compared to its average volume of 1,859,969. The company's 50 day simple moving average is $93.49 and its 200 day simple moving average is $93.61. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.73 and a current ratio of 1.73. Okta, Inc. has a 1-year low of $65.04 and a 1-year high of $114.50. The company has a market capitalization of $15.82 billion, a price-to-earnings ratio of -56.26 and a beta of 1.03.

Okta (NASDAQ:OKTA - Get Free Report) last posted its earnings results on Wednesday, May 29th. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.27. Okta had a negative net margin of 11.69% and a negative return on equity of 3.81%. The business had revenue of $617.00 million for the quarter, compared to the consensus estimate of $604.33 million. Analysts expect that Okta, Inc. will post -0.28 EPS for the current year.

Insider Buying and Selling

In related news, Director Jacques Frederic Kerrest sold 26,618 shares of Okta stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $100.29, for a total transaction of $2,669,519.22. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Okta news, Director Jacques Frederic Kerrest sold 26,618 shares of the firm's stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $100.29, for a total transaction of $2,669,519.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Larissa Schwartz sold 2,792 shares of the firm's stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $99.40, for a total transaction of $277,524.80. Following the transaction, the insider now owns 29,809 shares of the company's stock, valued at approximately $2,963,014.60. The disclosure for this sale can be found here. Insiders have sold a total of 89,840 shares of company stock worth $8,566,381 in the last ninety days. Company insiders own 7.00% of the company's stock.

Wall Street Analyst Weigh In

OKTA has been the topic of several research analyst reports. Evercore ISI raised shares of Okta from an "in-line" rating to an "outperform" rating and increased their price objective for the company from $102.00 to $122.00 in a research report on Thursday, May 30th. Susquehanna lowered their price target on shares of Okta from $115.00 to $110.00 and set a "neutral" rating on the stock in a research report on Thursday, May 30th. JPMorgan Chase & Co. raised their price target on shares of Okta from $105.00 to $110.00 and gave the stock a "neutral" rating in a research report on Thursday, May 30th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $125.00 price target on shares of Okta in a research report on Monday, June 17th. Finally, Mizuho raised their price target on shares of Okta from $105.00 to $110.00 and gave the stock a "neutral" rating in a research report on Friday, May 17th. Nineteen analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $105.58.

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.