Okta, Inc. (NASDAQ:OKTA)’s share price dropped 6.9% during trading on Monday . The company traded as low as $26.95 and last traded at $27.16. Approximately 2,483,400 shares traded hands during mid-day trading, an increase of 332% from the average daily volume of 574,609 shares. The stock had previously closed at $29.17.

OKTA has been the topic of a number of recent analyst reports. Zacks Investment Research raised Okta from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a research note on Thursday, September 14th. William Blair initiated coverage on Okta in a research note on Wednesday, October 4th. They issued an “outperform” rating on the stock. SunTrust Banks initiated coverage on Okta in a research note on Friday, October 27th. They issued a “buy” rating and a $36.00 price objective on the stock. Canaccord Genuity reissued a “hold” rating and issued a $27.00 price objective on shares of Okta in a research note on Wednesday, August 30th. Finally, KeyCorp reissued a “buy” rating and issued a $35.00 price objective on shares of Okta in a research note on Friday, November 10th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $33.00.

In other news, COO Jacques Frederic Kerrest sold 122,504 shares of the company’s stock in a transaction on Thursday, October 12th. The stock was sold at an average price of $28.59, for a total transaction of $3,502,389.36. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, General Counsel Jonathan T. Runyan sold 300,000 shares of the company’s stock in a transaction on Wednesday, October 4th. The shares were sold at an average price of $27.03, for a total value of $8,109,000.00. The disclosure for this sale can be found here. Insiders have sold 1,366,929 shares of company stock worth $38,816,391 in the last ninety days.

Institutional investors and hedge funds have recently modified their holdings of the company. Quantbot Technologies LP acquired a new position in shares of Okta during the second quarter valued at $101,000. SG Americas Securities LLC acquired a new position in shares of Okta during the third quarter valued at $128,000. Invictus RG bought a new stake in Okta in the third quarter valued at about $211,000. Paulson & CO. Inc. bought a new stake in Okta in the second quarter valued at about $171,000. Finally, CI Investments Inc. bought a new stake in Okta in the second quarter valued at about $171,000. 14.33% of the stock is currently owned by institutional investors and hedge funds.

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About Okta

Okta, Inc is a United States-based independent provider of identity for the enterprise. The Company’s Okta Identity Cloud connects and protects employees. It also connects enterprises to their partners, suppliers and customers. The Company offers products, such as Okta information technology (IT) Products and Okta for Developers.

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