Okta Inc (OKTA) Director Benjamin A. Horowitz Sells 35,669 Shares

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Okta Inc (NASDAQ:OKTA) Director Benjamin A. Horowitz sold 35,669 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $95.47, for a total value of $3,405,319.43. Following the completion of the sale, the director now owns 11,765 shares in the company, valued at $1,123,204.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Shares of NASDAQ:OKTA traded down $2.02 during midday trading on Wednesday, reaching $92.20. The company had a trading volume of 2,113,800 shares, compared to its average volume of 2,057,881. The company has a market cap of $10.44 billion, a P/E ratio of -89.51 and a beta of 1.16. Okta Inc has a 1-year low of $40.24 and a 1-year high of $97.24.

Okta (NASDAQ:OKTA) last released its earnings results on Thursday, March 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.03. The business had revenue of $115.47 million for the quarter, compared to the consensus estimate of $107.94 million. Okta had a negative return on equity of 44.56% and a negative net margin of 31.43%. Research analysts anticipate that Okta Inc will post -1.38 EPS for the current year.

A number of analysts have recently commented on the company. Canaccord Genuity boosted their price target on Okta from $85.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. They noted that the move was a valuation call. Zacks Investment Research lowered Okta from a “buy” rating to a “hold” rating in a report on Thursday, March 14th. Monness Crespi & Hardt boosted their price target on Okta from $90.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $105.00 target price (up previously from $96.00) on shares of Okta in a research report on Thursday, April 4th. Finally, JMP Securities reaffirmed a “hold” rating on shares of Okta in a research report on Monday, March 11th. Seven investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $82.11.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Wedbush Securities Inc. acquired a new position in Okta during the first quarter worth approximately $333,000. Growth Interface Management LLC increased its position in Okta by 348.6% during the first quarter. Growth Interface Management LLC now owns 157,000 shares of the company’s stock worth $12,989,000 after buying an additional 122,000 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in Okta during the first quarter worth approximately $385,000. Peregrine Capital Management LLC increased its position in Okta by 1.2% during the first quarter. Peregrine Capital Management LLC now owns 271,026 shares of the company’s stock worth $22,422,000 after buying an additional 3,198 shares during the last quarter. Finally, First American Bank acquired a new position in Okta during the first quarter worth approximately $256,000. 65.77% of the stock is currently owned by hedge funds and other institutional investors.

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About 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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