Principal Financial Group Inc. Sells 654 Shares of Okta, Inc. (NASDAQ:OKTA)

Principal Financial Group Inc. reduced its position in shares of Okta, Inc. (NASDAQ:OKTA) by 5.3% in the 3rd quarter, Holdings Channel reports. The firm owned 11,726 shares of the company’s stock after selling 654 shares during the period. Principal Financial Group Inc.’s holdings in Okta were worth $872,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Itau Unibanco Holding S.A. acquired a new position in Okta in the 3rd quarter worth about $25,000. Future Financial Wealth Managment LLC acquired a new stake in Okta in the third quarter valued at $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 worth $28,000 after purchasing an additional 191 shares during the last quarter. Legacy Investment Solutions LLC bought a new stake in shares of Okta in the 3rd quarter valued at about $32,000. Finally, Planning Capital Management Corp acquired a new stake in shares of Okta in the third quarter valued at about $49,000. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta Stock Performance

NASDAQ OKTA opened at $80.76 on Friday. The firm has a market cap of $13.84 billion, a P/E ratio of -230.74, a price-to-earnings-growth ratio of 8.61 and a beta of 1.00. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The company’s 50 day moving average is $78.94 and its 200-day moving average is $82.77. Okta, Inc. has a 12-month low of $70.56 and a 12-month high of $114.50.

Insider Activity at Okta

In other news, insider Larissa Schwartz sold 2,797 shares of the firm’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $77.63, for a total value of $217,131.11. Following the completion of the transaction, the insider now directly owns 24,916 shares of the company’s stock, valued at $1,934,229.08. This trade represents a 10.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $80.68, for a total value of $10,603,449.68. Following the sale, the director now owns 1,622 shares in the company, valued at approximately $130,862.96. The trade was a 98.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 607,129 shares of company stock worth $47,937,652. Corporate insiders own 7.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Barclays increased their target price on shares of Okta from $81.00 to $96.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 4th. Canaccord Genuity Group increased their price target on Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. Westpark Capital reissued a “buy” rating and issued a $140.00 price objective on shares of Okta in a research note on Wednesday, December 4th. Royal Bank of Canada reissued an “outperform” rating and issued a $101.00 price target on shares of Okta in a research note on Wednesday, December 4th. Finally, Robert W. Baird lifted their price objective on shares of Okta from $105.00 to $115.00 and gave the company an “outperform” rating in a research note on Tuesday, December 17th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $104.45.

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.