Truist Financial Corp Sells 31,376 Shares of Okta, Inc. (NASDAQ:OKTA)

Truist Financial Corp cut its holdings in Okta, Inc. (NASDAQ:OKTA) by 21.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 114,775 shares of the company’s stock after selling 31,376 shares during the period. Truist Financial Corp’s holdings in Okta were worth $10,391,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Blue Zone Wealth Advisors LLC lifted its holdings in shares of Okta by 2.7% in the fourth quarter. Blue Zone Wealth Advisors LLC now owns 5,142 shares of the company’s stock worth $466,000 after buying an additional 134 shares in the last quarter. Creative Financial Designs Inc. ADV lifted its stake in Okta by 7.7% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 1,926 shares of the company’s stock worth $174,000 after purchasing an additional 138 shares in the last quarter. Choreo LLC boosted its holdings in shares of Okta by 5.0% during the 3rd quarter. Choreo LLC now owns 3,366 shares of the company’s stock valued at $274,000 after purchasing an additional 160 shares during the last quarter. Cary Street Partners Investment Advisory LLC grew its position in shares of Okta by 19.2% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 1,207 shares of the company’s stock valued at $98,000 after purchasing an additional 194 shares in the last quarter. Finally, Wahed Invest LLC increased its holdings in shares of Okta by 9.5% in the third quarter. Wahed Invest LLC now owns 2,399 shares of the company’s stock worth $196,000 after purchasing an additional 208 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on OKTA shares. Jefferies Financial Group reissued a “hold” rating and set a $95.00 price target (up from $85.00) on shares of Okta in a research note on Friday, January 5th. Sanford C. Bernstein raised their target price on shares of Okta from $84.00 to $114.00 and gave the company a “market perform” rating in a report on Thursday, February 29th. Royal Bank of Canada boosted their price target on shares of Okta from $95.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, February 29th. Westpark Capital upgraded shares of Okta from a “hold” rating to a “buy” rating and set a $140.00 price objective for the company in a research report on Thursday, February 29th. Finally, Susquehanna boosted their target price on shares of Okta from $70.00 to $115.00 and gave the stock a “neutral” rating in a report on Monday, March 4th. Twenty equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $100.39.

Okta Price Performance

Shares of OKTA stock opened at $95.48 on Friday. The company’s 50-day simple moving average is $100.10 and its two-hundred day simple moving average is $86.49. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.67 and a current ratio of 1.67. Okta, Inc. has a one year low of $65.04 and a one year high of $114.50.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data 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 company 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%. On average, sell-side analysts anticipate that Okta, Inc. will post -1.51 EPS for the current year.

Insider Activity

In related news, CAO Shibu Ninan sold 2,500 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $90.23, for a total value of $225,575.00. Following the completion of the sale, the chief accounting officer now directly owns 6,539 shares of the company’s stock, valued at $590,013.97. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CAO Shibu Ninan sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $90.23, for a total value of $225,575.00. Following the completion of the transaction, the chief accounting officer now owns 6,539 shares of the company’s stock, valued at $590,013.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Shellye L. Archambeau sold 5,000 shares of the stock in a transaction 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 sale, 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. Over the last 90 days, insiders have sold 11,779 shares of company stock worth $1,205,990. Company insiders own 7.36% 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.