NewEdge Wealth LLC Sells 3,290 Shares of Okta, Inc. (NASDAQ:OKTA)

NewEdge Wealth LLC trimmed its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 1.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 278,627 shares of the company’s stock after selling 3,290 shares during the period. NewEdge Wealth LLC’s holdings in Okta were worth $21,956,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Blue Trust Inc. grew its stake in Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after purchasing an additional 191 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Okta by 3,719.2% in the 3rd quarter. International Assets Investment Management LLC now owns 9,739 shares of the company’s stock valued at $724,000 after buying an additional 9,484 shares during the last quarter. Forsta AP Fonden grew its stake in shares of Okta by 25.2% in the third quarter. Forsta AP Fonden now owns 52,600 shares of the company’s stock valued at $3,910,000 after buying an additional 10,600 shares in the last quarter. J.W. Cole Advisors Inc. acquired a new position in Okta during the third quarter worth $214,000. Finally, Financial Advocates Investment Management acquired a new position in Okta during the third quarter worth $228,000. Institutional investors own 86.64% of the company’s stock.

Insider Buying and Selling

In other news, insider Larissa Schwartz sold 2,704 shares of the company’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $80.50, for a total transaction of $217,672.00. Following the completion of the transaction, the insider now directly owns 24,462 shares in the company, valued at approximately $1,969,191. This represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jacques Frederic Kerrest sold 65,000 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $97.50, for a total value of $6,337,500.00. The disclosure for this sale can be found here. Insiders sold a total of 980,908 shares of company stock worth $85,025,665 in the last three months. 7.00% of the stock is owned by corporate insiders.

Okta Stock Up 0.3 %

Shares of NASDAQ OKTA opened at $89.58 on Thursday. The company has a market cap of $15.35 billion, a price-to-earnings ratio of -255.94, a PEG ratio of 6.42 and a beta of 1.03. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta, Inc. has a 12 month low of $70.56 and a 12 month high of $114.50. The stock has a 50-day moving average price of $89.01 and a two-hundred day moving average price of $82.57.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on OKTA. JPMorgan Chase & Co. raised shares of Okta from a “neutral” rating to an “overweight” rating and set a $100.00 price objective for the company in a research report on Monday, December 16th. BMO Capital Markets lifted their price target on Okta from $103.00 to $105.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Sanford C. Bernstein decreased their price objective on shares of Okta from $129.00 to $124.00 and set an “outperform” rating on the stock in a report on Tuesday, December 17th. DA Davidson boosted their price objective on Okta from $75.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Finally, KeyCorp increased their target price on Okta from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $106.13.

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.