Clear Street Group Inc. acquired a new position in shares of Okta, Inc. (NASDAQ:OKTA – Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 5,222 shares of the company’s stock, valued at approximately $452,000.
Several other hedge funds also recently modified their holdings of OKTA. Spire Wealth Management grew its stake in shares of Okta by 30.8% during the fourth quarter. Spire Wealth Management now owns 505 shares of the company’s stock valued at $44,000 after purchasing an additional 119 shares during the last quarter. Allworth Financial LP grew its stake in shares of Okta by 6.4% during the third quarter. Allworth Financial LP now owns 2,251 shares of the company’s stock valued at $206,000 after purchasing an additional 135 shares during the last quarter. Choreo LLC grew its stake in shares of Okta by 2.0% during the third quarter. Choreo LLC now owns 7,239 shares of the company’s stock valued at $664,000 after purchasing an additional 140 shares during the last quarter. Raiffeisen Bank International AG grew its stake in shares of Okta by 3.9% during the third quarter. Raiffeisen Bank International AG now owns 4,369 shares of the company’s stock valued at $410,000 after purchasing an additional 166 shares during the last quarter. Finally, Kestra Advisory Services LLC grew its stake in shares of Okta by 1.7% during the fourth quarter. Kestra Advisory Services LLC now owns 9,685 shares of the company’s stock valued at $837,000 after purchasing an additional 166 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.
Okta Trading Up 1.6%
NASDAQ:OKTA opened at $118.12 on Tuesday. The stock has a 50-day moving average price of $89.59 and a two-hundred day moving average price of $86.11. Okta, Inc. has a 1 year low of $62.66 and a 1 year high of $142.35. The stock has a market cap of $20.53 billion, a price-to-earnings ratio of 85.59, a PEG ratio of 4.21 and a beta of 0.80.
Insider Buying and Selling
In other news, Director David Schellhase purchased 3,712 shares of the business’s stock in a transaction dated Thursday, April 16th. The shares were bought at an average cost of $72.04 per share, for a total transaction of $267,412.48. Following the completion of the acquisition, the director directly owned 3,712 shares in the company, valued at approximately $267,412.48. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Shellye L. Archambeau sold 2,500 shares of the company’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $85.00, for a total value of $212,500.00. Following the transaction, the director directly owned 9,192 shares of the company’s stock, valued at $781,320. This represents a 21.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 159,019 shares of company stock valued at $16,449,580. Corporate insiders own 4.61% of the company’s stock.
Wall Street Analyst Weigh In
A number of analysts recently commented on OKTA shares. Berenberg Bank lifted their price objective on Okta from $120.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. Weiss Ratings raised shares of Okta from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. Wells Fargo & Company lifted their price target on shares of Okta from $85.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Friday, May 29th. Susquehanna boosted their price target on shares of Okta from $80.00 to $110.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Finally, KeyCorp increased their price objective on shares of Okta from $95.00 to $103.00 and gave the company an “overweight” rating in a report on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $114.14.
Okta Company Profile
Okta, Inc is a publicly traded provider of identity and access management solutions, headquartered in San Francisco, California. Founded in 2009 by Todd McKinnon and Frederic Kerrest, the company completed its initial public offering in April 2017. Under the leadership of McKinnon as chief executive officer and Kerrest as chief operating officer, Okta has grown into a leading vendor in the cybersecurity space, focusing on secure user authentication, single sign-on and lifecycle management for digital identities.
At the core of Okta’s offering is the Okta Identity Cloud, a suite of cloud-native services that enable organizations to manage user access across web and mobile applications, on-premises systems and APIs.
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