Rather & Kittrell Inc. Cuts Stock Position in Okta, Inc. (NASDAQ:OKTA)

Rather & Kittrell Inc. decreased its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 16.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,628 shares of the company’s stock after selling 1,082 shares during the quarter. Rather & Kittrell Inc.’s holdings in Okta were worth $510,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in OKTA. NBC Securities Inc. bought a new position in shares of Okta in the third quarter worth approximately $27,000. GAMMA Investing LLC purchased a new position in Okta in the 4th quarter worth approximately $29,000. Harvest Fund Management Co. Ltd bought a new position in Okta in the 3rd quarter valued at approximately $39,000. UMB Bank n.a. boosted its stake in Okta by 150.5% during the 4th quarter. UMB Bank n.a. now owns 749 shares of the company’s stock valued at $68,000 after purchasing an additional 450 shares during the last quarter. Finally, Lindbrook Capital LLC increased its holdings in shares of Okta by 61.6% in the 4th quarter. Lindbrook Capital LLC now owns 782 shares of the company’s stock worth $71,000 after purchasing an additional 298 shares in the last quarter. 86.64% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on OKTA shares. The Goldman Sachs Group upped their price target on Okta from $105.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, February 29th. BMO Capital Markets upped their target price on shares of Okta from $80.00 to $110.00 and gave the company a “market perform” rating in a research note on Thursday, February 29th. Royal Bank of Canada lifted their price target on shares of Okta from $95.00 to $125.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. Piper Sandler boosted their price objective on shares of Okta from $85.00 to $110.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. Finally, Sanford C. Bernstein raised their target price on shares of Okta from $84.00 to $114.00 and gave the stock a “market perform” rating in a report on Thursday, February 29th. Twenty equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Okta has a consensus rating of “Hold” and a consensus target price of $100.39.

Insiders Place Their Bets

In related news, Director Shellye L. Archambeau sold 5,000 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $106.96, for a total transaction of $534,800.00. Following the sale, the director now owns 6,042 shares of the company’s stock, valued at $646,252.32. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CAO Shibu Ninan sold 4,279 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $104.14, for a total value of $445,615.06. Following the completion of the sale, the chief accounting officer now directly owns 4,111 shares of the company’s stock, valued at approximately $428,119.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Shellye L. Archambeau sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $106.96, for a total value of $534,800.00. Following the transaction, the director now directly owns 6,042 shares in the company, valued at approximately $646,252.32. The disclosure for this sale can be found here. Insiders have sold a total of 11,779 shares of company stock valued at $1,205,990 in the last quarter. 7.36% of the stock is currently owned by insiders.

Okta Price Performance

OKTA traded down $0.64 during trading on Friday, hitting $92.29. 793,365 shares of the company traded hands, compared to its average volume of 1,923,749. The company has a market cap of $15.45 billion, a PE ratio of -42.53 and a beta of 1.00. Okta, Inc. has a 1 year low of $65.04 and a 1 year high of $114.50. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.20. The stock’s 50-day simple moving average is $99.58 and its two-hundred day simple moving average is $86.31.

Okta (NASDAQ:OKTA) last issued its earnings results 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 firm had revenue of $605.00 million for the quarter, compared to analysts’ expectations of $586.25 million. Okta had a negative return on equity of 5.69% and a negative net margin of 15.69%. As a group, sell-side analysts anticipate that Okta, Inc. will post -1.51 earnings per share for the current fiscal year.

About Okta

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.