Migdal Insurance & Financial Holdings Ltd. Cuts Stock Position in Okta, Inc. (NASDAQ:OKTA)

Migdal Insurance & Financial Holdings Ltd. lessened its holdings in Okta, Inc. (NASDAQ:OKTA) by 2.6% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 27,560 shares of the company’s stock after selling 727 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in Okta were worth $2,049,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Future Financial Wealth Managment LLC bought a new position in shares of Okta in the 3rd quarter valued at about $26,000. Blue Trust Inc. lifted its holdings in shares of Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after acquiring an additional 191 shares during the last quarter. EverSource Wealth Advisors LLC lifted 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 last quarter. First Command Advisory Services Inc. bought a new position in shares of Okta in the 2nd quarter valued at about $47,000. Finally, nVerses Capital LLC bought a new position in shares of Okta in the 2nd quarter valued at about $47,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Insider Buying and Selling

In related news, insider Larissa Schwartz sold 2,791 shares of Okta stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $71.50, for a total transaction of $199,556.50. Following the completion of the sale, the insider now owns 22,125 shares of the company’s stock, valued at $1,581,937.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Okta news, insider Larissa Schwartz sold 2,791 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the transaction, the insider now directly owns 22,125 shares of the company’s stock, valued at approximately $1,581,937.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Todd Mckinnon sold 224,533 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $74.62, for a total value of $16,754,652.46. The disclosure for this sale can be found here. Insiders sold 478,584 shares of company stock valued at $35,958,556 over the last quarter. 7.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Susquehanna decreased their price objective on shares of Okta from $110.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Stifel Nicolaus decreased their price objective on shares of Okta from $122.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Truist Financial reduced their target price on shares of Okta from $95.00 to $80.00 and set a “hold” rating on the stock in a research report on Thursday, October 17th. BMO Capital Markets raised their target price on shares of Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a research report on Thursday, August 29th. Finally, Citigroup reduced their target price on shares of Okta from $115.00 to $110.00 and set a “neutral” rating on the stock in a research report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Okta presently has a consensus rating of “Hold” and a consensus target price of $99.39.

Okta Stock Performance

Shares of Okta stock traded down $0.43 on Friday, reaching $76.75. 1,060,641 shares of the stock were exchanged, compared to its average volume of 1,906,667. 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 $65.98 and a twelve month high of $114.50. The firm has a market capitalization of $13.04 billion, a price-to-earnings ratio of -91.37, a PEG ratio of 17.52 and a beta of 1.02. The business has a 50 day moving average price of $74.35 and a two-hundred day moving average price of $86.73.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $646.00 million during the quarter, compared to the consensus estimate of $632.24 million. Analysts anticipate that Okta, Inc. will post 0.19 earnings per share for the current fiscal year.

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.