Two Star Manager LLC Buys New Holdings in Okta, Inc. (NASDAQ:OKTA)

Two Star Manager LLC bought a new stake in shares of Okta, Inc. (NASDAQ:OKTA) in the 4th quarter, Holdings Channel.com reports. The firm bought 96,300 shares of the company’s stock, valued at approximately $7,588,000. Okta comprises 3.5% of Two Star Manager LLC’s holdings, making the stock its 14th biggest position.

Several other institutional investors also recently bought and sold shares of the stock. Sachem Head Capital Management LP purchased a new stake in Okta during the 4th quarter valued at about $105,592,000. Sapience Investments LLC purchased a new stake in Okta in the 4th quarter worth approximately $356,000. Sea Cliff Partners Management LP lifted its holdings in Okta by 30.7% in the 4th quarter. Sea Cliff Partners Management LP now owns 230,000 shares of the company’s stock worth $18,124,000 after buying an additional 54,057 shares during the period. Sender Co & Partners Inc. purchased a new stake in Okta in the 4th quarter worth approximately $335,000. Finally, Shay Capital LLC purchased a new stake in Okta in the 4th quarter worth approximately $591,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Okta Stock Up 2.3%

Okta stock opened at $127.30 on Friday. The firm has a market cap of $22.10 billion, a price-to-earnings ratio of -363.71, a PEG ratio of 6.42 and a beta of 0.96. The stock has a fifty day simple moving average of $108.15 and a two-hundred day simple moving average of $94.00. Okta, Inc. has a 12 month low of $70.56 and a 12 month high of $127.57. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insiders Place Their Bets

In related news, insider Larissa Schwartz sold 11,552 shares of Okta stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total value of $1,317,967.68. Following the completion of the sale, the insider now owns 22,125 shares of the company’s stock, valued at $2,524,241.25. The trade was a 34.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Jonathan James Addison sold 7,005 shares of Okta stock in a transaction on Friday, April 11th. The stock was sold at an average price of $101.19, for a total value of $708,835.95. Following the completion of the sale, the executive now directly owns 19,067 shares of the company’s stock, valued at $1,929,389.73. The trade was a 26.87% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 154,452 shares of company stock valued at $16,347,360. Corporate insiders own 5.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on OKTA. Truist Financial increased their price objective on Okta from $92.00 to $100.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. Wells Fargo & Company increased their price objective on Okta from $95.00 to $100.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 4th. Westpark Capital reiterated a “buy” rating and issued a $140.00 price objective on shares of Okta in a report on Friday, February 28th. Royal Bank of Canada increased their price objective on Okta from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. Finally, Cantor Fitzgerald started coverage on Okta in a research note on Monday, March 31st. They issued an “overweight” rating and a $130.00 target price for the company. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $117.74.

Okta Company 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.