Huntington National Bank Raises Stock Holdings in Okta, Inc. (NASDAQ:OKTA)

Huntington National Bank increased its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 0.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 80,527 shares of the company’s stock after purchasing an additional 181 shares during the quarter. Huntington National Bank’s holdings in Okta were worth $5,986,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Empowered Funds LLC boosted its holdings in Okta by 7.9% in the first quarter. Empowered Funds LLC now owns 4,633 shares of the company’s stock valued at $485,000 after acquiring an additional 339 shares during the last quarter. Avantax Advisory Services Inc. purchased a new stake in shares of Okta during the first quarter valued at approximately $457,000. State Board of Administration of Florida Retirement System lifted its position in shares of Okta by 0.8% during the first quarter. State Board of Administration of Florida Retirement System now owns 163,580 shares of the company’s stock worth $17,114,000 after purchasing an additional 1,309 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Okta by 20.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 84,465 shares of the company’s stock worth $8,837,000 after purchasing an additional 14,066 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in Okta by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 15,848,525 shares of the company’s stock valued at $1,658,073,000 after purchasing an additional 128,906 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Insider Activity at Okta

In related news, insider Larissa Schwartz sold 2,791 shares of the stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the transaction, the insider now owns 22,125 shares in the company, valued at $1,581,937.50. This represents a 11.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Todd Mckinnon sold 224,533 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $74.62, for a total transaction of $16,754,652.46. The disclosure for this sale can be found here. Insiders have sold a total of 475,789 shares of company stock worth $35,701,361 in the last three months. 7.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

OKTA has been the topic of a number of recent analyst reports. Scotiabank cut their price objective on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a report on Thursday, August 29th. Deutsche Bank Aktiengesellschaft cut Okta from a “buy” rating to a “hold” rating and cut their price target for the stock from $115.00 to $85.00 in a research note on Tuesday. Bank of America downgraded Okta from a “buy” rating to an “underperform” rating and dropped their price objective for the stock from $135.00 to $75.00 in a report on Thursday, August 29th. Canaccord Genuity Group cut their target price on Okta from $90.00 to $82.00 and set a “hold” rating on the stock in a research report on Friday, October 18th. Finally, Wells Fargo & Company decreased their price target on shares of Okta from $90.00 to $80.00 and set an “equal weight” rating for the company in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Okta currently has a consensus rating of “Hold” and a consensus target price of $98.90.

Okta Trading Down 1.9 %

Okta stock opened at $76.93 on Friday. The company has a 50-day simple moving average of $74.50 and a 200-day simple moving average of $86.36. Okta, Inc. has a one year low of $66.69 and a one year high of $114.50. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83.

Okta (NASDAQ:OKTA) last posted its earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.29. The firm had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. On average, sell-side analysts forecast that Okta, Inc. will post 0.19 EPS for the current 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.