Primecap Management Co. CA Sells 32,550 Shares of Okta, Inc. (NASDAQ:OKTA)

Primecap Management Co. CA cut its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 2.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,308,766 shares of the company’s stock after selling 32,550 shares during the quarter. Primecap Management Co. CA owned approximately 0.76% of Okta worth $103,131,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bank of Jackson Hole Trust bought a new position in Okta in the 4th quarter worth approximately $25,000. Itau Unibanco Holding S.A. bought a new position in Okta in the 3rd quarter worth approximately $25,000. Legacy Investment Solutions LLC bought a new position in Okta in the 3rd quarter worth approximately $32,000. Wingate Wealth Advisors Inc. bought a new position in Okta in the 4th quarter worth approximately $44,000. Finally, Modus Advisors LLC bought a new position in Okta in the 4th quarter worth approximately $44,000. 86.64% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Okta

In related news, 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 transaction of $670,556.25. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Todd Mckinnon sold 233,028 shares of Okta stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $82.31, for a total value of $19,180,534.68. The disclosure for this sale can be found here. Insiders have sold 985,377 shares of company stock worth $88,742,772 over the last quarter. Insiders own 7.00% of the company’s stock.

Wall Street Analyst Weigh In

OKTA has been the topic of several recent research reports. Royal Bank of Canada upped their price objective on Okta from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. Robert W. Baird upped their price objective on Okta from $115.00 to $130.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. JPMorgan Chase & Co. upped their price objective on Okta from $100.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, February 28th. Mizuho raised Okta from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $110.00 to $127.00 in a report on Tuesday, March 4th. Finally, Stifel Nicolaus upped their price objective on Okta from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, Okta has a consensus rating of “Moderate Buy” and a consensus price target of $115.29.

Okta Price Performance

OKTA opened at $112.92 on Wednesday. The business’s 50-day moving average is $95.78 and its two-hundred day moving average is $83.66. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $116.96. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a market capitalization of $19.60 billion, a PE ratio of -322.63, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09.

Okta 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.