Principal Financial Group Inc. Decreases Stake in Okta, Inc. (NASDAQ:OKTA)

Principal Financial Group Inc. reduced its holdings in Okta, Inc. (NASDAQ:OKTA) by 17.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,172 shares of the company’s stock after selling 1,905 shares during the period. Principal Financial Group Inc.’s holdings in Okta were worth $965,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of OKTA. Wealth Enhancement Advisory Services LLC increased its position in shares of Okta by 52.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 12,126 shares of the company’s stock valued at $956,000 after acquiring an additional 4,171 shares during the last quarter. Merit Financial Group LLC acquired a new stake in shares of Okta during the first quarter valued at about $823,000. Greenwood Capital Associates LLC grew its holdings in shares of Okta by 165.7% in the first quarter. Greenwood Capital Associates LLC now owns 7,048 shares of the company’s stock valued at $742,000 after purchasing an additional 4,395 shares in the last quarter. FNY Investment Advisers LLC grew its holdings in shares of Okta by 433.3% in the first quarter. FNY Investment Advisers LLC now owns 4,000 shares of the company’s stock valued at $420,000 after purchasing an additional 3,250 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Okta by 37,287.3% in the first quarter. GAMMA Investing LLC now owns 126,369 shares of the company’s stock valued at $13,297,000 after purchasing an additional 126,031 shares in the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Okta news, insider Larissa Schwartz sold 2,244 shares of the business’s stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $100.00, for a total transaction of $224,400.00. Following the sale, the insider owned 23,640 shares in the company, valued at approximately $2,364,000. The trade was a 8.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jacques Frederic Kerrest sold 581 shares of Okta stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $100.29, for a total value of $58,268.49. Following the transaction, the director directly owned 2,832 shares in the company, valued at approximately $284,021.28. This trade represents a 17.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 38,002 shares of company stock worth $3,522,072 in the last quarter. 5.68% of the stock is currently owned by corporate insiders.

Okta Stock Performance

OKTA stock opened at $95.43 on Friday. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $127.57. The stock’s fifty day moving average is $105.12 and its two-hundred day moving average is $101.40. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.47 and a current ratio of 1.47. The stock has a market capitalization of $16.71 billion, a price-to-earnings ratio of 151.48, a PEG ratio of 4.62 and a beta of 0.82.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.09. The business had revenue of $688.00 million for the quarter, compared to analysts’ expectations of $680.14 million. Okta had a net margin of 4.85% and a return on equity of 2.79%. The company’s revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.65 earnings per share. On average, research analysts predict that Okta, Inc. will post 0.42 EPS for the current year.

Analyst Ratings Changes

Several analysts recently commented on the stock. Roth Capital reiterated a “buy” rating and issued a $119.00 price target on shares of Okta in a research report on Wednesday, May 28th. BTIG Research restated a “buy” rating on shares of Okta in a report on Thursday, May 22nd. The Goldman Sachs Group increased their price objective on shares of Okta from $123.00 to $137.00 and gave the stock a “buy” rating in a report on Wednesday, May 28th. Canaccord Genuity Group increased their price objective on shares of Okta from $100.00 to $115.00 and gave the stock a “hold” rating in a report on Wednesday, May 28th. Finally, Needham & Company LLC increased their price objective on shares of Okta from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, May 28th. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, Okta currently has a consensus rating of “Hold” and a consensus target price of $119.44.

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.