Covestor Ltd Buys 544 Shares of Okta, Inc. (NASDAQ:OKTA)

Covestor Ltd grew its stake in Okta, Inc. (NASDAQ:OKTA) by 65.1% in the fourth quarter, HoldingsChannel reports. The fund owned 1,380 shares of the company’s stock after acquiring an additional 544 shares during the period. Covestor Ltd’s holdings in Okta were worth $109,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of OKTA. Frank Rimerman Advisors LLC increased its holdings in shares of Okta by 2.4% in the fourth quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company’s stock valued at $352,000 after purchasing an additional 105 shares in the last quarter. Stephens Inc. AR boosted its position in Okta by 5.0% in the 4th quarter. Stephens Inc. AR now owns 3,296 shares of the company’s stock valued at $260,000 after buying an additional 157 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Okta by 2.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 8,135 shares of the company’s stock valued at $605,000 after buying an additional 180 shares during the last quarter. Great Lakes Advisors LLC increased its stake in shares of Okta by 2.7% in the 4th quarter. Great Lakes Advisors LLC now owns 7,070 shares of the company’s stock valued at $557,000 after buying an additional 184 shares during the period. Finally, CHICAGO TRUST Co NA raised its position in shares of Okta by 6.5% during the fourth quarter. CHICAGO TRUST Co NA now owns 3,120 shares of the company’s stock worth $246,000 after acquiring an additional 191 shares during the last quarter. 86.64% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Okta news, Director Jacques Frederic Kerrest sold 390,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $87.09, for a total value of $33,965,100.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brett Tighe sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total value of $445,000.00. Following the transaction, the chief financial officer now directly owns 112,533 shares in the company, valued at $10,015,437. This trade represents a 4.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 761,197 shares of company stock valued at $70,662,533 in the last three months. 7.00% of the stock is currently owned by corporate insiders.

Okta Stock Performance

Shares of OKTA opened at $101.82 on Friday. The stock has a market capitalization of $17.68 billion, a price-to-earnings ratio of -290.91, a PEG ratio of 6.42 and a beta of 1.07. Okta, Inc. has a 12 month low of $70.56 and a 12 month high of $118.07. The firm has a fifty day simple moving average of $102.15 and a 200 day simple moving average of $87.74. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06.

Wall Street Analyst Weigh In

A number of brokerages recently commented on OKTA. Sanford C. Bernstein lowered their price objective on Okta from $129.00 to $124.00 and set an “outperform” rating for the company in a research report on Tuesday, December 17th. The Goldman Sachs Group boosted their price target on shares of Okta from $107.00 to $123.00 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. Stephens started coverage on shares of Okta in a report on Tuesday, April 1st. They set an “equal weight” rating and a $127.00 target price for the company. BTIG Research reissued a “buy” rating on shares of Okta in a research note on Tuesday, March 4th. Finally, Oppenheimer lifted their price objective on Okta from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Okta currently has a consensus rating of “Moderate Buy” and a consensus price target of $116.09.

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.