Highland Capital Management LLC Cuts Position in Okta, Inc. (NASDAQ:OKTA)

Highland Capital Management LLC cut its stake in Okta, Inc. (NASDAQ:OKTA) by 3.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,080 shares of the company’s stock after selling 344 shares during the quarter. Highland Capital Management LLC’s holdings in Okta were worth $675,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. EverSource Wealth Advisors LLC increased its holdings in shares of Okta by 71.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after acquiring an additional 142 shares during the period. Future Financial Wealth Managment LLC purchased a new position in shares of Okta in the 3rd quarter valued at $26,000. Blue Trust Inc. grew its stake in Okta by 105.5% during the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after buying an additional 191 shares during the last quarter. First Command Advisory Services Inc. purchased a new position in Okta during the 2nd quarter worth $47,000. Finally, nVerses Capital LLC purchased a new position in Okta during the 2nd quarter worth $47,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Okta Stock Performance

NASDAQ:OKTA opened at $72.24 on Monday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. The company has a fifty day moving average of $78.29 and a two-hundred day moving average of $88.14. The stock has a market capitalization of $12.27 billion, a PE ratio of -86.00, a P/E/G ratio of 17.14 and a beta of 1.02. Okta, Inc. has a fifty-two week low of $65.04 and a fifty-two week high of $114.50.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. The company had revenue of $646.00 million during the quarter, compared to analysts’ expectations 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 fiscal year.

Insiders Place Their Bets

In other news, insider Larissa Schwartz sold 2,790 shares of the stock in a transaction dated Monday, September 16th. The shares were 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 in the company, valued at $2,051,039.13. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Larissa Schwartz sold 2,790 shares of the stock in a transaction dated Monday, September 16th. The shares were 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 in the company, valued at $2,051,039.13. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CRO Jonathan James Addison sold 9,850 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $77.63, for a total transaction of $764,655.50. Following the completion of the sale, the executive now owns 14,601 shares of the company’s stock, valued at $1,133,475.63. This trade represents 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 worth $35,759,000. Company insiders own 7.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on OKTA shares. JPMorgan Chase & Co. dropped their target price on Okta from $110.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, August 29th. DA Davidson dropped their target price on Okta from $85.00 to $75.00 and set a “neutral” rating on the stock in a research note on Thursday, October 17th. Bank of America downgraded Okta from a “buy” rating to an “underperform” rating and dropped their target price for the stock from $135.00 to $75.00 in a research note on Thursday, August 29th. Piper Sandler dropped their target price on Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, October 17th. Finally, Canaccord Genuity Group dropped their price target on Okta from $90.00 to $82.00 and set a “hold” rating on the stock in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Okta has a consensus rating of “Hold” and a consensus price target of $98.96.

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.