Concurrent Investment Advisors LLC Acquires New Holdings in Okta, Inc. (NASDAQ:OKTA)

Concurrent Investment Advisors LLC purchased a new stake in Okta, Inc. (NASDAQ:OKTA) during the 4th quarter, Holdings Channel reports. The firm purchased 9,487 shares of the company’s stock, valued at approximately $748,000.

Several other large investors have also modified their holdings of OKTA. Charles Schwab Investment Management Inc. grew its holdings in Okta by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock valued at $79,503,000 after buying an additional 17,950 shares during the last quarter. Penserra Capital Management LLC boosted its stake in shares of Okta by 9.8% during the third quarter. Penserra Capital Management LLC now owns 767,962 shares of the company’s stock valued at $57,089,000 after acquiring an additional 68,757 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in Okta during the 3rd quarter worth about $49,373,000. Allspring Global Investments Holdings LLC increased its position in Okta by 138.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 554,633 shares of the company’s stock worth $43,721,000 after purchasing an additional 322,201 shares in the last quarter. Finally, Glenmede Trust Co. NA raised its stake in Okta by 17.6% in the 3rd quarter. Glenmede Trust Co. NA now owns 510,658 shares of the company’s stock valued at $37,962,000 after purchasing an additional 76,588 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Okta Stock Performance

Shares of NASDAQ:OKTA opened at $92.75 on Monday. The company has a market cap of $15.89 billion, a P/E ratio of -265.00, a PEG ratio of 6.42 and a beta of 1.03. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta, Inc. has a one year low of $70.56 and a one year high of $114.50. The business’s 50-day simple moving average is $88.64 and its 200 day simple moving average is $82.51.

Insider Activity

In other news, Director Jacques Frederic Kerrest sold 390,000 shares of Okta stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $87.09, for a total transaction of $33,965,100.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Todd Mckinnon sold 233,028 shares of Okta stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $82.31, for a total value of $19,180,534.68. The disclosure for this sale can be found here. Insiders have sold 980,908 shares of company stock worth $85,025,665 over the last 90 days. Company insiders own 7.00% of the company’s stock.

Wall Street Analyst Weigh In

OKTA has been the topic of several analyst reports. Wells Fargo & Company raised their price target on shares of Okta from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. Stifel Nicolaus raised their target price on shares of Okta from $108.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Robert W. Baird boosted their price target on Okta from $105.00 to $115.00 and gave the company an “outperform” rating in a report on Tuesday, December 17th. JMP Securities restated a “market perform” rating on shares of Okta in a report on Wednesday, December 4th. Finally, Westpark Capital reaffirmed a “buy” rating and issued a $140.00 price objective on shares of Okta in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $106.13.

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.