Massachusetts Financial Services Co. MA Sells 5,128 Shares of Okta, Inc. (NASDAQ:OKTA)

Massachusetts Financial Services Co. MA lessened its holdings in Okta, Inc. (NASDAQ:OKTA) by 3.8% during the third quarter, HoldingsChannel.com reports. The firm owned 129,655 shares of the company’s stock after selling 5,128 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Okta were worth $9,639,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. increased its stake in Okta by 105.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after buying an additional 184,107 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Okta in the third quarter valued at about $307,000. Caprock Group LLC increased its position in shares of Okta by 32.6% in the third quarter. Caprock Group LLC now owns 3,786 shares of the company’s stock valued at $281,000 after acquiring an additional 930 shares during the last quarter. Quest Partners LLC boosted its position in Okta by 346.2% during the third quarter. Quest Partners LLC now owns 7,134 shares of the company’s stock valued at $530,000 after purchasing an additional 5,535 shares during the last quarter. Finally, Swiss National Bank grew its stake in Okta by 0.8% in the third quarter. Swiss National Bank now owns 477,700 shares of the company’s stock valued at $35,512,000 after purchasing an additional 3,600 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on OKTA. BTIG Research dropped their price objective on Okta from $128.00 to $98.00 and set a “buy” rating on the stock in a research note on Thursday, October 17th. Jefferies Financial Group lowered their target price on shares of Okta from $100.00 to $85.00 and set a “hold” rating on the stock in a report on Tuesday, September 24th. Deutsche Bank Aktiengesellschaft downgraded shares of Okta from a “buy” rating to a “hold” rating and decreased their price objective for the company from $115.00 to $85.00 in a research report on Tuesday, November 12th. Citigroup reduced their price target on Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. Finally, Piper Sandler cut their price objective on Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $98.30.

Okta Stock Up 0.4 %

OKTA stock opened at $76.83 on Wednesday. The company has a market cap of $13.05 billion, a PE ratio of -91.46, a price-to-earnings-growth ratio of 18.75 and a beta of 1.02. 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 52 week low of $66.69 and a 52 week high of $114.50. The business has a 50-day simple moving average of $74.77 and a 200 day simple moving average of $85.17.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. The company had revenue of $646.00 million during the quarter, compared to the consensus estimate of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. Sell-side analysts anticipate that Okta, Inc. will post 0.19 EPS for the current fiscal year.

Insider Buying and Selling at Okta

In related news, insider Larissa Schwartz sold 2,791 shares of Okta stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $71.50, for a total transaction of $199,556.50. Following the sale, the insider now directly owns 22,125 shares of the company’s stock, valued at approximately $1,581,937.50. The trade was a 11.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Todd Mckinnon sold 200,512 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the transaction, the chief executive officer now owns 8,495 shares of the company’s stock, valued at approximately $638,908.95. This represents a 95.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 475,789 shares of company stock worth $35,701,361 over the last three months. Corporate insiders own 7.00% of the company’s stock.

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.