Evanson Asset Management LLC Takes Position in Okta, Inc. (NASDAQ:OKTA)

Evanson Asset Management LLC acquired a new stake in Okta, Inc. (NASDAQ:OKTA) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 3,282 shares of the company’s stock, valued at approximately $259,000.

Other hedge funds also recently made changes to their positions in the company. Paloma Partners Management Co acquired a new stake in shares of Okta in the third quarter valued at approximately $969,000. SG Americas Securities LLC lifted its position in shares of Okta by 122.3% in the third quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock valued at $1,265,000 after buying an additional 9,364 shares during the last quarter. Truist Financial Corp increased its stake in shares of Okta by 62.5% during the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after purchasing an additional 200,770 shares during the period. Stifel Financial Corp increased its stake in shares of Okta by 56.1% during the third quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock worth $2,770,000 after purchasing an additional 13,387 shares during the period. Finally, Nordea Investment Management AB increased its stake in shares of Okta by 1,150.2% during the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock worth $33,146,000 after purchasing an additional 382,190 shares during the period. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Trading Up 1.9 %

NASDAQ OKTA opened at $87.29 on Tuesday. The company has a market cap of $14.96 billion, a price-to-earnings ratio of -249.40, a price-to-earnings-growth ratio of 8.52 and a beta of 1.00. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $114.50. The business’s fifty day moving average is $81.23 and its 200 day moving average is $82.28. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insiders Place Their Bets

In other Okta news, insider Larissa Schwartz sold 2,791 shares of Okta stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $71.50, for a total transaction of $199,556.50. Following the transaction, the insider now directly owns 22,125 shares of the company’s stock, valued at approximately $1,581,937.50. The trade was a 11.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jacques Frederic Kerrest sold 131,426 shares of Okta stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $80.68, for a total value of $10,603,449.68. Following the transaction, the director now directly owns 1,622 shares in the company, valued at $130,862.96. The trade was a 98.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 369,949 shares of company stock valued at $30,201,213. 7.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on OKTA. Citigroup increased their target price on Okta from $95.00 to $100.00 and gave the stock a “neutral” rating in a research note on Friday. Canaccord Genuity Group increased their target price on Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. The Goldman Sachs Group increased their target price on Okta from $97.00 to $107.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Robert W. Baird increased their target price on Okta from $105.00 to $115.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 17th. Finally, KeyCorp upgraded Okta from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Okta presently has a consensus rating of “Hold” and a consensus target price of $104.61.

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.