Okta (NASDAQ:OKTA) Stock Price Down 6% on Insider Selling

Okta Inc (NASDAQ:OKTA)’s share price was down 6% during trading on Monday following insider selling activity. The company traded as low as $118.85 and last traded at $121.95, approximately 2,708,094 shares changed hands during trading. An increase of 21% from the average daily volume of 2,239,972 shares. The stock had previously closed at $129.78.

Specifically, insider Jacques Frederic Kerrest sold 86,140 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $130.23, for a total value of $11,218,012.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Jonathan T. Runyan sold 707 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $102.57, for a total value of $72,516.99. Following the completion of the sale, the general counsel now directly owns 1,406 shares of the company’s stock, valued at $144,213.42. The disclosure for this sale can be found here. Insiders have sold 366,789 shares of company stock worth $42,945,628 over the last ninety days. 14.69% of the stock is owned by insiders.

A number of equities research analysts recently commented on the company. Cowen assumed coverage on Okta in a research report on Wednesday, August 21st. They issued an “outperform” rating and a $150.00 price target for the company. Citigroup assumed coverage on Okta in a research report on Monday, October 14th. They issued a “buy” rating and a $150.00 price target for the company. Morgan Stanley increased their price target on Okta from $107.00 to $117.00 and gave the company an “equal weight” rating in a research report on Thursday, August 29th. They noted that the move was a valuation call. Robert W. Baird set a $135.00 price target on Okta and gave the company a “hold” rating in a research report on Friday, September 13th. Finally, DA Davidson raised Okta from a “neutral” rating to a “buy” rating and increased their price target for the company from $131.00 to $135.00 in a research report on Monday, November 18th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $132.28.

The firm has a fifty day simple moving average of $114.02 and a two-hundred day simple moving average of $120.06. The stock has a market cap of $15.15 billion, a PE ratio of -118.40 and a beta of 1.07. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.57.

Several large investors have recently added to or reduced their stakes in OKTA. Lindbrook Capital LLC raised its holdings in shares of Okta by 76.9% during the 2nd quarter. Lindbrook Capital LLC now owns 230 shares of the company’s stock valued at $28,000 after buying an additional 100 shares in the last quarter. Matthew Goff Investment Advisor LLC purchased a new position in shares of Okta during the 3rd quarter valued at about $2,500,000. CSat Investment Advisory L.P. purchased a new position in shares of Okta during the 2nd quarter valued at about $34,000. Griffin Asset Management Inc. purchased a new position in shares of Okta during the 2nd quarter valued at about $45,000. Finally, Shine Investment Advisory Services Inc. bought a new position in Okta during the 2nd quarter worth approximately $47,000. 73.02% of the stock is currently owned by hedge funds and other institutional investors.

About Okta (NASDAQ:OKTA)

Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products to manage and secure identities, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.

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