Atom Investors LP Takes $566,000 Position in Okta, Inc. (NASDAQ:OKTA)

Atom Investors LP bought a new stake in shares of Okta, Inc. (NASDAQ:OKTA) during the 3rd quarter, HoldingsChannel reports. The firm bought 7,615 shares of the company’s stock, valued at approximately $566,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OKTA. Caprock Group LLC lifted its position in shares of Okta by 4.7% during the second quarter. Caprock Group LLC now owns 2,856 shares of the company’s stock worth $267,000 after purchasing an additional 129 shares in the last quarter. National Bank of Canada FI lifted its holdings in Okta by 11.0% in the 2nd quarter. National Bank of Canada FI now owns 1,315 shares of the company’s stock worth $124,000 after buying an additional 130 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in Okta by 71.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after buying an additional 142 shares during the last quarter. CWM LLC grew its stake in shares of Okta by 5.3% during the second quarter. CWM LLC now owns 2,910 shares of the company’s stock valued at $272,000 after acquiring an additional 147 shares in the last quarter. Finally, Bleakley Financial Group LLC increased its position in shares of Okta by 4.6% during the third quarter. Bleakley Financial Group LLC now owns 4,114 shares of the company’s stock worth $306,000 after acquiring an additional 182 shares during the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on OKTA. Royal Bank of Canada reduced their price target on Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft downgraded shares of Okta from a “buy” rating to a “hold” rating and decreased their price target for the stock from $115.00 to $85.00 in a research report on Tuesday, November 12th. UBS Group cut their price target on shares of Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Bank of America lowered shares of Okta from a “buy” rating to an “underperform” rating and decreased their price objective for the stock from $135.00 to $75.00 in a report on Thursday, August 29th. Finally, Jefferies Financial Group cut their target price on shares of Okta from $100.00 to $85.00 and set a “hold” rating on the stock in a research note on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $98.62.

Insiders Place Their Bets

In other news, insider Larissa Schwartz sold 2,790 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $74.01, for a total value of $206,487.90. Following the completion of the sale, the insider now directly owns 27,713 shares of the company’s stock, valued at approximately $2,051,039.13. This represents a 9.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Todd Mckinnon sold 224,533 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $74.62, for a total value of $16,754,652.46. The disclosure for this sale can be found here. In the last quarter, insiders sold 475,789 shares of company stock worth $35,701,361. 7.00% of the stock is owned by company insiders.

Okta Stock Performance

Shares of OKTA stock opened at $81.71 on Wednesday. Okta, Inc. has a 12-month low of $70.56 and a 12-month high of $114.50. 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 $13.88 billion, a price-to-earnings ratio of -97.27, a price-to-earnings-growth ratio of 19.79 and a beta of 1.00. The business has a 50 day simple moving average of $75.03 and a 200 day simple moving average of $84.42.

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.