Champlain Investment Partners LLC Reduces Stock Position in Okta, Inc. (NASDAQ:OKTA)

Champlain Investment Partners LLC reduced its position in shares of Okta, Inc. (NASDAQ:OKTA) by 13.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,253,267 shares of the company’s stock after selling 525,440 shares during the period. Okta makes up about 1.6% of Champlain Investment Partners LLC’s investment portfolio, making the stock its 10th largest position. Champlain Investment Partners LLC’s holdings in Okta were worth $256,357,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OKTA. Marshall Wace LLP boosted its stake in shares of Okta by 35.5% during the 4th quarter. Marshall Wace LLP now owns 3,583,937 shares of the company’s stock worth $282,414,000 after acquiring an additional 938,509 shares in the last quarter. Norges Bank purchased a new position in Okta in the 4th quarter worth about $234,992,000. Geode Capital Management LLC lifted its stake in Okta by 5.3% during the fourth quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company’s stock valued at $212,385,000 after buying an additional 135,110 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Okta by 54.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,241,220 shares of the company’s stock worth $97,808,000 after acquiring an additional 440,171 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Okta by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company’s stock valued at $87,903,000 after purchasing an additional 46,064 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Okta news, Director Jacques Frederic Kerrest sold 3,306 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $88.85, for a total value of $293,738.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Larissa Schwartz sold 2,704 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $89.58, for a total transaction of $242,224.32. Following the completion of the transaction, the insider now owns 23,311 shares in the company, valued at $2,088,199.38. This trade represents a 10.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 768,202 shares of company stock valued at $71,371,369 over the last 90 days. 7.00% of the stock is currently owned by insiders.

Okta Stock Performance

Shares of OKTA opened at $99.97 on Thursday. The company has a market cap of $17.36 billion, a PE ratio of -285.63, a price-to-earnings-growth ratio of 6.42 and a beta of 1.07. The firm has a 50-day moving average of $102.33 and a 200-day moving average of $88.19. Okta, Inc. has a one year low of $70.56 and a one year high of $118.07. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34.

Analyst Ratings Changes

Several research analysts recently weighed in on OKTA shares. Stephens started coverage on Okta in a research report on Tuesday, April 1st. They set an “equal weight” rating and a $127.00 price target on the stock. Cantor Fitzgerald started coverage on Okta in a research report on Monday, March 31st. They set an “overweight” rating and a $130.00 price objective for the company. Stifel Nicolaus upped their target price on Okta from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. UBS Group set a $135.00 target price on Okta in a report on Tuesday, March 4th. Finally, Susquehanna increased their price objective on Okta from $95.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $116.03.

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.