ArrowMark Colorado Holdings LLC Decreases Stock Position in Okta, Inc. (NASDAQ:OKTA)

ArrowMark Colorado Holdings LLC decreased its holdings in Okta, Inc. (NASDAQ:OKTA) by 2.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,568,736 shares of the company’s stock after selling 41,301 shares during the period. Okta comprises about 1.5% of ArrowMark Colorado Holdings LLC’s investment portfolio, making the stock its 16th biggest holding. ArrowMark Colorado Holdings LLC owned 0.92% of Okta worth $116,620,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. EverSource Wealth Advisors LLC lifted its position in Okta by 71.4% during the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after purchasing an additional 142 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new position in Okta during the third quarter valued at $26,000. Blue Trust Inc. lifted its stake in Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after purchasing an additional 191 shares in the last quarter. First Command Advisory Services Inc. purchased a new position in shares of Okta during the second quarter valued at about $47,000. Finally, nVerses Capital LLC bought a new stake in shares of Okta in the second quarter worth about $47,000. 86.64% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Todd Mckinnon sold 224,533 shares of Okta stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $74.62, for a total transaction of $16,754,652.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Larissa Schwartz sold 2,790 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $74.01, for a total transaction of $206,487.90. Following the sale, the insider now directly owns 27,713 shares in the company, valued at $2,051,039.13. This trade represents a 9.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 475,789 shares of company stock valued at $35,701,361 over the last ninety days. 7.00% of the stock is currently owned by insiders.

Okta Stock Performance

Shares of Okta stock opened at $77.56 on Monday. The firm has a market capitalization of $13.17 billion, a P/E ratio of -92.33, a PEG ratio of 18.99 and a beta of 1.02. Okta, Inc. has a 52 week low of $66.69 and a 52 week high of $114.50. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. The company has a 50 day moving average price of $74.94 and a 200 day moving average price of $84.67.

Wall Street Analyst Weigh In

OKTA has been the topic of a number of research reports. Bank of America downgraded Okta from a “buy” rating to an “underperform” rating and reduced their price objective for the stock from $135.00 to $75.00 in a research note on Thursday, August 29th. Stifel Nicolaus dropped their price objective on shares of Okta from $122.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. BTIG Research decreased their target price on shares of Okta from $128.00 to $98.00 and set a “buy” rating on the stock in a research report on Thursday, October 17th. BMO Capital Markets lifted their price target on Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a research report on Thursday, August 29th. Finally, UBS Group decreased their price objective on Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $98.45.

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.