Zurcher Kantonalbank Zurich Cantonalbank Grows Position in Okta, Inc. (NASDAQ:OKTA)

Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Okta, Inc. (NASDAQ:OKTA) by 7.5% during the third quarter, Holdings Channel.com reports. The fund owned 118,547 shares of the company’s stock after purchasing an additional 8,239 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Okta were worth $8,813,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in OKTA. Price T Rowe Associates Inc. MD increased its stake in Okta by 5.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 101,079 shares of the company’s stock valued at $10,575,000 after buying an additional 4,823 shares during the last quarter. Tidal Investments LLC increased its position in shares of Okta by 15.7% during the first quarter. Tidal Investments LLC now owns 5,405 shares of the company’s stock valued at $565,000 after acquiring an additional 734 shares during the last quarter. Cetera Investment Advisers increased its position in shares of Okta by 87.4% during the first quarter. Cetera Investment Advisers now owns 17,265 shares of the company’s stock valued at $1,806,000 after acquiring an additional 8,051 shares during the last quarter. Cetera Advisors LLC bought a new stake in Okta during the first quarter worth $946,000. Finally, EverSource Wealth Advisors LLC boosted its position in Okta by 71.4% in the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after purchasing an additional 142 shares during the last quarter. Institutional investors own 86.64% of the company’s stock.

Insider Buying and Selling

In other news, insider Larissa Schwartz sold 2,791 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the transaction, the insider now directly owns 22,125 shares in the company, valued at approximately $1,581,937.50. This represents a 11.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Todd Mckinnon sold 200,512 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $75.21, for a total value of $15,080,507.52. Following the transaction, the chief executive officer now directly owns 8,495 shares in the company, valued at approximately $638,908.95. This represents a 95.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 475,789 shares of company stock worth $35,701,361. Corporate insiders own 7.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on OKTA shares. Piper Sandler decreased their target price on Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, October 17th. Bank of America lowered shares of Okta from a “buy” rating to an “underperform” rating and lowered their price objective for the stock from $135.00 to $75.00 in a research report on Thursday, August 29th. Scotiabank reduced their target price on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a research report on Thursday, August 29th. Wells Fargo & Company lowered their price target on shares of Okta from $90.00 to $80.00 and set an “equal weight” rating on the stock in a report on Thursday, October 17th. Finally, UBS Group reduced their price objective on Okta from $120.00 to $108.00 and set a “buy” rating for the company in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $98.45.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $77.56 on Monday. The company’s fifty day moving average price is $74.94 and its 200-day moving average price is $84.67. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The firm has a market capitalization of $13.17 billion, a price-to-earnings ratio of -92.33, a PEG ratio of 18.99 and a beta of 1.02. Okta, Inc. has a one year low of $66.69 and a one year high of $114.50.

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.