Mach 1 Financial Group LLC Trims Stake in Okta, Inc. (NASDAQ:OKTA)

Mach 1 Financial Group LLC decreased its position in shares of Okta, Inc. (NASDAQ:OKTA) by 16.5% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 5,468 shares of the company’s stock after selling 1,082 shares during the period. Mach 1 Financial Group LLC’s holdings in Okta were worth $495,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in OKTA. Cerity Partners LLC grew its stake in shares of Okta by 6,192.3% in the 4th quarter. Cerity Partners LLC now owns 3,172,223 shares of the company’s stock worth $287,181,000 after buying an additional 3,121,809 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Okta by 79.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 938,097 shares of the company’s stock valued at $76,464,000 after purchasing an additional 416,028 shares during the last quarter. Glenmede Trust Co. NA boosted its stake in Okta by 1,042.4% during the 3rd quarter. Glenmede Trust Co. NA now owns 210,981 shares of the company’s stock valued at $17,197,000 after purchasing an additional 192,513 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Okta by 2,721.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 176,071 shares of the company’s stock valued at $15,940,000 after purchasing an additional 169,830 shares during the last quarter. Finally, Alua Capital Management LP purchased a new stake in Okta during the 3rd quarter valued at $12,775,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Trading Down 0.5 %

OKTA traded down $0.43 on Wednesday, hitting $92.55. The company had a trading volume of 123,902 shares, compared to its average volume of 1,883,113. The company has a market cap of $15.49 billion, a PE ratio of -42.85 and a beta of 1.00. Okta, Inc. has a 12-month low of $65.04 and a 12-month high of $114.50. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.20. The business’s fifty day simple moving average is $99.67 and its 200 day simple moving average is $86.37.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Wednesday, February 28th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.35. The business had revenue of $605.00 million during the quarter, compared to the consensus estimate of $586.25 million. Okta had a negative net margin of 15.69% and a negative return on equity of 5.69%. Equities research analysts expect that Okta, Inc. will post -1.51 EPS for the current year.

Insider Activity

In other news, CAO Shibu Ninan sold 2,500 shares of Okta stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $90.23, for a total transaction of $225,575.00. Following the completion of the sale, the chief accounting officer now owns 6,539 shares of the company’s stock, valued at $590,013.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Shibu Ninan sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $90.23, for a total value of $225,575.00. Following the completion of the transaction, the chief accounting officer now owns 6,539 shares of the company’s stock, valued at $590,013.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Shellye L. Archambeau sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $106.96, for a total transaction of $534,800.00. Following the completion of the transaction, the director now directly owns 6,042 shares of the company’s stock, valued at approximately $646,252.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,779 shares of company stock valued at $1,205,990. Corporate insiders own 7.36% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Citigroup increased their price target on Okta from $75.00 to $85.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. Sanford C. Bernstein increased their price target on Okta from $84.00 to $114.00 and gave the company a “market perform” rating in a report on Thursday, February 29th. Truist Financial reaffirmed a “hold” rating and issued a $105.00 target price (up from $85.00) on shares of Okta in a report on Thursday, February 29th. The Goldman Sachs Group raised their target price on Okta from $105.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Finally, Piper Sandler raised their target price on Okta from $85.00 to $110.00 and gave the stock a “neutral” rating in a report on Thursday, February 29th. Twenty analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $100.39.

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.