abrdn plc Reduces Holdings in Okta, Inc. (NASDAQ:OKTA)

abrdn plc lowered its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 33.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 64,933 shares of the company’s stock after selling 33,117 shares during the quarter. abrdn plc’s holdings in Okta were worth $4,827,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its stake in Okta by 25.5% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 9,233 shares of the company’s stock worth $966,000 after purchasing an additional 1,878 shares during the period. First Trust Direct Indexing L.P. lifted its position in Okta by 15.8% during the 1st quarter. First Trust Direct Indexing L.P. now owns 2,848 shares of the company’s stock valued at $298,000 after acquiring an additional 388 shares during the period. Private Advisor Group LLC lifted its position in Okta by 23.1% during the 1st quarter. Private Advisor Group LLC now owns 26,861 shares of the company’s stock valued at $2,810,000 after acquiring an additional 5,043 shares during the period. Sequoia Financial Advisors LLC bought a new stake in Okta during the first quarter worth about $214,000. Finally, Capstone Investment Advisors LLC grew its holdings in Okta by 9.5% in the first quarter. Capstone Investment Advisors LLC now owns 5,940 shares of the company’s stock worth $621,000 after purchasing an additional 516 shares during the period. 86.64% of the stock is owned by institutional investors.

Analysts Set New Price Targets

OKTA has been the topic of a number of analyst reports. Citigroup dropped their price target on Okta from $115.00 to $110.00 and set a “neutral” rating on the stock in a research report on Thursday, August 29th. Canaccord Genuity Group reduced their price target on Okta from $90.00 to $82.00 and set a “hold” rating for the company in a report on Friday, October 18th. Scotiabank lowered their price target on Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a research report on Thursday, August 29th. BMO Capital Markets increased their price objective on shares of Okta from $100.00 to $103.00 and gave the company a “market perform” rating in a research report on Thursday, August 29th. Finally, UBS Group dropped their target price on shares of Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $98.96.

Insider Buying and Selling

In other news, insider Larissa Schwartz sold 2,790 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $74.01, for a total value of $206,487.90. Following the transaction, the insider now directly owns 27,713 shares in the company, valued at $2,051,039.13. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Okta news, CEO Todd Mckinnon sold 32,516 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $76.22, for a total value of $2,478,369.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $74.01, for a total transaction of $206,487.90. Following the sale, the insider now owns 27,713 shares in the company, valued at approximately $2,051,039.13. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 475,793 shares of company stock valued at $35,759,000. Company insiders own 7.00% of the company’s stock.

Okta Stock Up 1.9 %

OKTA stock opened at $73.23 on Monday. The business’s 50-day moving average price is $75.79 and its 200-day moving average price is $87.35. The stock has a market cap of $12.44 billion, a P/E ratio of -87.18, a PEG ratio of 16.64 and a beta of 1.01. 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 twelve month low of $65.04 and a twelve month high of $114.50.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.29. The business had revenue of $646.00 million for 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%. On average, equities research analysts forecast that Okta, Inc. will post 0.19 EPS for the current year.

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.