Sumitomo Mitsui Trust Group Inc. Decreases Stock Holdings in Okta, Inc. (NASDAQ:OKTA)

Sumitomo Mitsui Trust Group Inc. lowered its position in shares of Okta, Inc. (NASDAQ:OKTA) by 0.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 342,407 shares of the company’s stock after selling 769 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Okta were worth $25,455,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its holdings in shares of Okta by 71.4% during the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after purchasing an additional 142 shares during the period. Future Financial Wealth Managment LLC purchased a new position in Okta during the 3rd quarter valued at about $26,000. Blue Trust Inc. raised its position in Okta by 105.5% during the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after purchasing an additional 191 shares during the last quarter. First Command Advisory Services Inc. purchased a new stake in Okta in the 2nd quarter worth approximately $47,000. Finally, nVerses Capital LLC bought a new stake in shares of Okta in the 2nd quarter worth approximately $47,000. Institutional investors own 86.64% of the company’s stock.

Analyst Upgrades and Downgrades

OKTA has been the subject of a number of research analyst reports. Wells Fargo & Company dropped their price target on Okta from $90.00 to $80.00 and set an “equal weight” rating for the company in a research note on Thursday, October 17th. Royal Bank of Canada dropped their target price on shares of Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. Morgan Stanley reduced their price target on shares of Okta from $100.00 to $92.00 and set an “equal weight” rating on the stock in a research report on Monday, November 4th. Canaccord Genuity Group lowered their price objective on shares of Okta from $90.00 to $82.00 and set a “hold” rating for the company in a report on Friday, October 18th. Finally, Truist Financial reduced their target price on Okta from $95.00 to $80.00 and set a “hold” rating on the stock in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $98.90.

Okta Trading Down 4.3 %

NASDAQ:OKTA opened at $73.66 on Friday. The company has a market cap of $12.51 billion, a PE ratio of -87.69, a price-to-earnings-growth ratio of 17.93 and a beta of 1.02. 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 50 day simple moving average of $74.52 and a two-hundred day simple moving average of $86.17. Okta, Inc. has a 12 month low of $66.69 and a 12 month high of $114.50.

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

Insider Activity

In related news, insider Larissa Schwartz sold 2,790 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $74.01, for a total transaction of $206,487.90. Following the completion of the transaction, the insider now directly owns 27,713 shares in the company, valued at approximately $2,051,039.13. The trade was a 9.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Todd Mckinnon sold 200,512 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 8,495 shares in the company, valued at approximately $638,908.95. The trade was a 95.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 475,789 shares of company stock valued at $35,701,361 in the last quarter. 7.00% of the stock is currently owned by insiders.

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.