Okta, Inc. (NASDAQ:OKTA) Shares Bought by Sea Cliff Partners Management LP

Sea Cliff Partners Management LP boosted its holdings in Okta, Inc. (NASDAQ:OKTA) by 30.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 230,000 shares of the company’s stock after buying an additional 54,057 shares during the period. Okta makes up about 6.3% of Sea Cliff Partners Management LP’s investment portfolio, making the stock its 10th biggest position. Sea Cliff Partners Management LP owned approximately 0.13% of Okta worth $18,124,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of OKTA. Wealth Enhancement Advisory Services LLC lifted its stake in shares of 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 purchasing an additional 180 shares during the period. Assenagon Asset Management S.A. increased its holdings in Okta by 106.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 59,951 shares of the company’s stock valued at $4,724,000 after purchasing an additional 30,957 shares during the last quarter. Channel Wealth LLC acquired a new position in Okta in the fourth quarter valued at about $2,761,000. Avanza Fonder AB acquired a new position in Okta in the fourth quarter valued at about $797,000. Finally, Ameritas Advisory Services LLC bought a new position in Okta during the fourth quarter worth about $553,000. 86.64% of the stock is owned by institutional investors.

Insider Transactions at Okta

In related news, insider Larissa Schwartz sold 11,552 shares of the firm’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $114.09, for a total value of $1,317,967.68. Following the completion of the sale, the insider now directly owns 22,125 shares in the company, valued at approximately $2,524,241.25. This trade represents a 34.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Eric Robert Kelleher sold 5,895 shares of Okta stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $113.75, for a total value of $670,556.25. Following the transaction, the insider now owns 9,828 shares of the company’s stock, valued at $1,117,935. The trade was a 37.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 154,452 shares of company stock worth $16,347,360 in the last 90 days. Corporate insiders own 7.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. The Goldman Sachs Group upped their price target on Okta from $107.00 to $123.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Truist Financial upped their target price on shares of Okta from $92.00 to $100.00 and gave the company a “hold” rating in a research note on Tuesday, March 4th. Westpark Capital reissued a “buy” rating and set a $140.00 price target on shares of Okta in a research report on Friday, February 28th. Robert W. Baird boosted their price target on shares of Okta from $115.00 to $130.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Finally, Wells Fargo & Company raised their price objective on Okta from $95.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Okta has an average rating of “Moderate Buy” and an average target price of $117.74.

Okta Stock Performance

Shares of NASDAQ OKTA opened at $127.30 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a 50 day moving average price of $108.15 and a 200 day moving average price of $93.85. The stock has a market capitalization of $22.10 billion, a PE ratio of -363.71, a price-to-earnings-growth ratio of 6.42 and a beta of 0.96. Okta, Inc. has a 52 week low of $70.56 and a 52 week high of $127.57.

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.