Tairen Capital Ltd Sells 400 Shares of Okta, Inc. (NASDAQ:OKTA)

Tairen Capital Ltd cut its stake in Okta, Inc. (NASDAQ:OKTA) by 2.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,600 shares of the company’s stock after selling 400 shares during the quarter. Tairen Capital Ltd’s holdings in Okta were worth $1,150,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Teza Capital Management LLC bought a new stake in Okta in the fourth quarter valued at approximately $1,567,000. True Wealth Design LLC grew its holdings in shares of Okta by 237.4% in the 4th quarter. True Wealth Design LLC now owns 577 shares of the company’s stock valued at $45,000 after buying an additional 406 shares during the period. Two Star Manager LLC bought a new stake in shares of Okta in the 4th quarter valued at $7,588,000. Sachem Head Capital Management LP acquired a new stake in Okta during the 4th quarter worth $105,592,000. Finally, Sapience Investments LLC bought a new position in Okta during the fourth quarter worth about $356,000. 86.64% of the stock is owned by institutional investors.

Okta Stock Up 2.3%

Shares of OKTA stock opened at $127.30 on Monday. Okta, Inc. has a 52-week low of $70.56 and a 52-week high of $127.57. The stock 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 firm’s 50-day moving average is $108.15 and its 200-day moving average is $94.16. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34.

Insiders Place Their Bets

In other Okta news, insider Larissa Schwartz sold 11,552 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $114.09, for a total transaction of $1,317,967.68. Following the completion of the sale, the insider now directly owns 22,125 shares in the company, valued at $2,524,241.25. This trade represents 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 hyperlink. Also, Director Jacques Frederic Kerrest sold 130,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $105.00, for a total value of $13,650,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 154,452 shares of company stock valued at $16,347,360 over the last 90 days. 5.68% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on OKTA shares. Loop Capital began coverage on Okta in a report on Monday, May 5th. They issued a “buy” rating and a $140.00 price target for the company. Scotiabank increased their target price on Okta from $94.00 to $109.00 and gave the stock a “sector perform” rating in a research note on Tuesday, March 4th. DA Davidson lifted their price target on shares of Okta from $125.00 to $145.00 and gave the company a “buy” rating in a research note on Thursday. BTIG Research reissued a “buy” rating on shares of Okta in a research report on Tuesday, March 4th. Finally, Robert W. Baird raised their price objective on shares of Okta from $115.00 to $130.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $117.74.

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.