Clarity Capital Partners LLC Cuts Position in Okta, Inc. (NASDAQ:OKTA)

Clarity Capital Partners LLC reduced its position in Okta, Inc. (NASDAQ:OKTA - Free Report) by 49.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,567 shares of the company's stock after selling 14,520 shares during the quarter. Clarity Capital Partners LLC's holdings in Okta were worth $1,083,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of OKTA. Future Financial Wealth Managment LLC purchased a new position in shares of Okta in the third quarter valued at $26,000. Blue Trust Inc. boosted its stake in Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company's stock worth $28,000 after purchasing an additional 191 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Okta by 71.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company's stock valued at $36,000 after buying an additional 142 shares in the last quarter. First Command Advisory Services Inc. bought a new stake in shares of Okta during the second quarter valued at about $47,000. Finally, nVerses Capital LLC purchased a new stake in shares of Okta in the second quarter worth about $47,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Todd Mckinnon sold 200,512 shares of the company's stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the completion of the transaction, the chief executive officer now directly owns 8,495 shares of the company's stock, valued at approximately $638,908.95. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Larissa Schwartz sold 2,795 shares of the stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $92.02, for a total value of $257,195.90. Following the completion of the transaction, the insider now directly owns 27,014 shares of the company's stock, valued at $2,485,828.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Todd Mckinnon sold 200,512 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the completion of the transaction, the chief executive officer now directly owns 8,495 shares of the company's stock, valued at approximately $638,908.95. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 475,793 shares of company stock valued at $35,759,000. Insiders own 7.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Piper Sandler reduced their price objective on shares of Okta from $100.00 to $85.00 and set a "neutral" rating for the company in a research note on Thursday, October 17th. Jefferies Financial Group reduced their price target on shares of Okta from $100.00 to $85.00 and set a "hold" rating for the company in a research report on Tuesday, September 24th. BTIG Research lowered their price objective on Okta from $128.00 to $98.00 and set a "buy" rating on the stock in a research report on Thursday, October 17th. Robert W. Baird dropped their price objective on Okta from $105.00 to $95.00 and set an "outperform" rating for the company in a research note on Friday, October 18th. Finally, Bank of America cut Okta from a "buy" rating to an "underperform" rating and lowered their price target for the company from $135.00 to $75.00 in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $99.39.

Okta Trading Up 1.1 %

Shares of NASDAQ:OKTA traded up $0.83 during midday trading on Tuesday, hitting $74.07. 1,471,103 shares of the stock traded hands, compared to its average volume of 1,926,055. The stock has a market capitalization of $12.58 billion, a PE ratio of -88.20, a P/E/G ratio of 16.95 and a beta of 1.02. The business's 50 day moving average is $75.30 and its two-hundred day moving average is $87.16. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta, Inc. has a one year low of $65.98 and a one year high of $114.50.

Okta (NASDAQ:OKTA - Get Free Report) last issued its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, beating the consensus estimate of ($0.08) by $0.29. The firm had revenue of $646.00 million during the quarter, compared to the consensus estimate of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. As a group, research analysts forecast that Okta, Inc. will post 0.19 earnings per share for the current year.

Okta Company 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.