Cibc World Markets Corp Sells 2,029 Shares of Okta, Inc. (NASDAQ:OKTA)

Cibc World Markets Corp lessened its position in Okta, Inc. (NASDAQ:OKTA) by 21.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,350 shares of the company’s stock after selling 2,029 shares during the quarter. Cibc World Markets Corp’s holdings in Okta were worth $579,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its stake in shares of Okta by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company’s stock valued at $87,903,000 after buying an additional 46,064 shares during the last quarter. Penserra Capital Management LLC grew its stake in shares of Okta by 9.8% during the third quarter. Penserra Capital Management LLC now owns 767,962 shares of the company’s stock valued at $57,089,000 after buying an additional 68,757 shares during the last quarter. Point72 Asset Management L.P. bought a new position in shares of Okta during the third quarter valued at about $49,373,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Okta by 58.8% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 568,797 shares of the company’s stock valued at $44,821,000 after buying an additional 210,615 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Okta by 138.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 554,633 shares of the company’s stock valued at $43,721,000 after buying an additional 322,201 shares during the last quarter. Institutional investors own 86.64% of the company’s stock.

Okta Stock Up 0.8 %

Okta stock opened at $113.74 on Friday. The firm has a market cap of $19.75 billion, a price-to-earnings ratio of -324.97, a PEG ratio of 6.42 and a beta of 1.09. The stock has a fifty day simple moving average of $97.48 and a two-hundred day simple moving average of $84.38. Okta, Inc. has a 12 month low of $70.56 and a 12 month high of $116.96. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insiders Place Their Bets

In related news, insider Larissa Schwartz sold 11,552 shares of Okta stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total value of $1,317,967.68. Following the completion of the sale, the insider now owns 22,125 shares of the company’s stock, valued at $2,524,241.25. The trade was a 34.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Eric Robert Kelleher sold 5,895 shares of Okta stock in a transaction on Monday, March 17th. The stock was sold at an average price of $113.75, for a total value of $670,556.25. Following the completion of the sale, the insider now directly owns 9,828 shares of the company’s stock, valued at $1,117,935. The trade was a 37.49 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 763,901 shares of company stock valued at $70,880,205. Corporate insiders own 7.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on OKTA. BTIG Research reiterated a “buy” rating on shares of Okta in a report on Tuesday, March 4th. Guggenheim reiterated a “buy” rating and set a $130.00 target price on shares of Okta in a report on Wednesday, December 4th. Truist Financial increased their target price on shares of Okta from $92.00 to $100.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. Stifel Nicolaus increased their target price on shares of Okta from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, March 4th. Finally, Barclays increased their target price on shares of Okta from $105.00 to $115.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 4th. One research 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, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $115.29.

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.