Levin Capital Strategies L.P. Makes New Investment in Okta, Inc. (NASDAQ:OKTA)

Levin Capital Strategies L.P. purchased a new stake in Okta, Inc. (NASDAQ:OKTA) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 3,318 shares of the company’s stock, valued at approximately $311,000.

A number of other large investors have also made changes to their positions in OKTA. City State Bank grew its stake in Okta by 160.0% in the first quarter. City State Bank now owns 260 shares of the company’s stock valued at $27,000 after acquiring an additional 160 shares during the period. EverSource Wealth Advisors LLC increased its stake in Okta by 71.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after purchasing an additional 142 shares in the last quarter. First Command Advisory Services Inc. bought a new stake in Okta during the 2nd quarter worth approximately $47,000. nVerses Capital LLC bought a new position in Okta in the second quarter valued at approximately $47,000. Finally, Principal Securities Inc. bought a new stake in Okta in the 4th quarter valued at $48,000. Institutional investors own 86.64% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on OKTA. Westpark Capital reiterated a “buy” rating and set a $140.00 price objective on shares of Okta in a report on Thursday, August 29th. Truist Financial restated a “hold” rating and set a $95.00 target price (down previously from $105.00) on shares of Okta in a report on Thursday, August 29th. Stifel Nicolaus lowered their price target on shares of Okta from $122.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Wells Fargo & Company decreased their price objective on Okta from $100.00 to $90.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. Finally, The Goldman Sachs Group reduced their price target on Okta from $130.00 to $113.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $105.14.

Okta Stock Performance

Shares of Okta stock opened at $71.27 on Tuesday. The company has a 50 day moving average of $91.12 and a 200-day moving average of $95.05. The company has a market cap of $12.11 billion, a PE ratio of -42.68, a price-to-earnings-growth ratio of 40.12 and a beta of 1.02. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta, Inc. has a 1-year low of $65.04 and a 1-year high of $114.50.

Insider Buying and Selling at Okta

In other news, CEO Todd Mckinnon sold 179,687 shares of Okta stock in a transaction on Friday, July 19th. The stock was sold at an average price of $93.42, for a total value of $16,786,359.54. Following the transaction, the chief executive officer now owns 47,883 shares in the company, valued at approximately $4,473,229.86. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Jacques Frederic Kerrest sold 1,552 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $86.99, for a total transaction of $135,008.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Todd Mckinnon sold 179,687 shares of the firm’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $93.42, for a total transaction of $16,786,359.54. Following the completion of the sale, the chief executive officer now owns 47,883 shares of the company’s stock, valued at $4,473,229.86. The disclosure for this sale can be found here. Insiders sold a total of 346,173 shares of company stock worth $32,765,801 over the last three months. Corporate insiders own 7.00% of the company’s stock.

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.