Okta (OKTA) Shares Down 6.1%

Okta Inc (NASDAQ:OKTA) fell 6.1% on Friday . The stock traded as low as $55.56 and last traded at $55.76. 1,560,825 shares traded hands during mid-day trading, a decline of 24% from the average session volume of 2,044,954 shares. The stock had previously closed at $59.39.

OKTA has been the subject of a number of analyst reports. BidaskClub upgraded Okta from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, September 12th. SunTrust Banks upped their price objective on Okta to $72.00 and gave the stock a “buy” rating in a research note on Friday, September 7th. Deutsche Bank upped their price objective on Okta to $75.00 and gave the stock a “buy” rating in a research note on Friday, September 7th. Robert W. Baird initiated coverage on Okta in a research note on Wednesday. They set a “neutral” rating and a $65.00 price objective for the company. Finally, Oppenheimer upped their price objective on Okta from $60.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, September 7th. One equities research analyst has rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Okta currently has an average rating of “Buy” and a consensus price target of $68.36.

The company has a debt-to-equity ratio of 1.08, a current ratio of 2.90 and a quick ratio of 2.90. The company has a market capitalization of $6.80 billion, a price-to-earnings ratio of -40.70 and a beta of -0.60.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Thursday, September 6th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.21. Okta had a negative return on equity of 56.91% and a negative net margin of 38.13%. The firm had revenue of $94.59 million during the quarter, compared to analysts’ expectations of $85.00 million. During the same period in the prior year, the business posted ($0.16) EPS. The firm’s quarterly revenue was up 57.0% on a year-over-year basis. As a group, analysts forecast that Okta Inc will post -1.12 EPS for the current year.

In other Okta news, Director Benjamin A. Horowitz sold 270,465 shares of the stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $72.66, for a total value of $19,651,986.90. Following the completion of the sale, the director now directly owns 11,765 shares in the company, valued at $854,844.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO William E. Losch sold 15,000 shares of the stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $55.31, for a total value of $829,650.00. Following the completion of the sale, the chief financial officer now owns 15,000 shares of the company’s stock, valued at $829,650. The disclosure for this sale can be found here. Over the last quarter, insiders sold 615,319 shares of company stock valued at $39,566,291. 20.59% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Empowered Funds LLC purchased a new stake in Okta in the third quarter valued at about $1,940,000. Peregrine Capital Management LLC raised its stake in Okta by 124.3% in the third quarter. Peregrine Capital Management LLC now owns 391,220 shares of the company’s stock valued at $27,526,000 after buying an additional 216,829 shares during the last quarter. Seven Eight Capital LP raised its stake in Okta by 146.0% in the third quarter. Seven Eight Capital LP now owns 131,267 shares of the company’s stock valued at $9,236,000 after buying an additional 77,900 shares during the last quarter. First American Bank purchased a new stake in Okta in the third quarter valued at about $218,000. Finally, Nisa Investment Advisors LLC purchased a new stake in Okta in the third quarter valued at about $2,143,000. Institutional investors own 58.78% of the company’s stock.

Okta Company Profile (NASDAQ:OKTA)

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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