Handelsbanken Fonder AB Sells 6,550 Shares of Okta, Inc. (NASDAQ:OKTA)

Handelsbanken Fonder AB reduced its stake in Okta, Inc. (NASDAQ:OKTA) by 24.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,476 shares of the company’s stock after selling 6,550 shares during the period. Handelsbanken Fonder AB’s holdings in Okta were worth $1,854,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in OKTA. CWM LLC grew its stake in Okta by 6.7% in the 3rd quarter. CWM LLC now owns 2,582 shares of the company’s stock worth $210,000 after acquiring an additional 162 shares in the last quarter. Ballentine Partners LLC bought a new position in Okta in the 3rd quarter worth about $222,000. Slow Capital Inc. grew its stake in Okta by 2.5% in the 3rd quarter. Slow Capital Inc. now owns 27,598 shares of the company’s stock worth $2,250,000 after acquiring an additional 682 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in Okta by 1.2% in the 3rd quarter. Commonwealth Equity Services LLC now owns 28,302 shares of the company’s stock worth $2,307,000 after acquiring an additional 333 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in Okta by 8.8% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 36,000 shares of the company’s stock worth $2,934,000 after acquiring an additional 2,900 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors.

Insider Activity at Okta

In related news, CAO Shibu Ninan sold 2,500 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $90.23, for a total transaction of $225,575.00. Following the sale, the chief accounting officer now owns 6,539 shares in the company, valued at $590,013.97. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Shellye L. Archambeau sold 5,000 shares of the firm’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 in the company, valued at $646,252.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Shibu Ninan sold 2,500 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $90.23, for a total transaction of $225,575.00. Following the sale, the chief accounting officer now owns 6,539 shares in the company, valued at approximately $590,013.97. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,779 shares of company stock worth $1,205,990. 7.36% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on OKTA shares. Truist Financial reiterated a “hold” rating and set a $105.00 price objective (up from $85.00) on shares of Okta in a research note on Thursday, February 29th. JPMorgan Chase & Co. increased their price objective on shares of Okta from $74.00 to $88.00 and gave the company a “neutral” rating in a research note on Monday, February 26th. Bank of America upgraded shares of Okta from an “underperform” rating to a “buy” rating and increased their price objective for the company from $64.00 to $135.00 in a research note on Thursday, February 29th. Evercore ISI increased their price objective on shares of Okta from $70.00 to $102.00 and gave the company an “in-line” rating in a research note on Thursday, February 29th. Finally, Susquehanna increased their price objective on shares of Okta from $70.00 to $115.00 and gave the company a “neutral” rating in a research note on Monday, March 4th. Twenty investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $100.39.

Okta Stock Performance

Shares of Okta stock opened at $92.29 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.67 and a quick ratio of 1.67. The firm has a fifty day moving average price of $99.58 and a 200 day moving average price of $86.31. Okta, Inc. has a 1 year low of $65.04 and a 1 year high of $114.50.

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. Okta had a negative net margin of 15.69% and a negative return on equity of 5.69%. The firm had revenue of $605.00 million during the quarter, compared to analysts’ expectations of $586.25 million. Equities research analysts anticipate that Okta, Inc. will post -1.51 earnings per share for the current fiscal year.

Okta Profile

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.