Parallel Advisors LLC Raises Stock Holdings in Okta, Inc. (NASDAQ:OKTA)

Parallel Advisors LLC raised its holdings in Okta, Inc. (NASDAQ:OKTA) by 37.6% in the fourth quarter, Holdings Channel reports. The firm owned 4,670 shares of the company’s stock after purchasing an additional 1,275 shares during the period. Parallel Advisors LLC’s holdings in Okta were worth $368,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Itau Unibanco Holding S.A. bought a new position in Okta during the third quarter valued at about $25,000. Bank of Jackson Hole Trust purchased a new position in Okta in the fourth quarter valued at about $25,000. Legacy Investment Solutions LLC bought a new position in shares of Okta during the 3rd quarter valued at approximately $32,000. Modus Advisors LLC bought a new position in shares of Okta during the 4th quarter valued at approximately $44,000. Finally, Wingate Wealth Advisors Inc. purchased a new stake in shares of Okta during the 4th quarter worth approximately $44,000. Institutional investors own 86.64% of the company’s stock.

Okta Stock Performance

Okta stock opened at $113.74 on Friday. Okta, Inc. has a fifty-two week low of $70.56 and a fifty-two week high of $116.96. The firm’s fifty day moving average price is $97.48 and its 200-day moving average price is $84.32. The stock has a market cap of $19.75 billion, a P/E ratio of -324.97, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34.

Wall Street Analysts Forecast Growth

OKTA has been the topic of several research analyst reports. Guggenheim reiterated a “buy” rating and issued a $130.00 price objective on shares of Okta in a research note on Wednesday, December 4th. Westpark Capital reiterated a “buy” rating and set a $140.00 price target on shares of Okta in a research note on Friday, February 28th. Stifel Nicolaus boosted their price objective on Okta from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Susquehanna upped their price objective on shares of Okta from $95.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday, March 4th. Finally, Oppenheimer boosted their price target on shares of Okta from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $115.29.

Insider Buying and Selling at Okta

In related news, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $80.50, for a total transaction of $217,672.00. Following the transaction, the insider now directly owns 24,462 shares of the company’s stock, valued at approximately $1,969,191. This trade represents a 9.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Eric Robert Kelleher sold 5,895 shares of the company’s stock in a transaction that occurred 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 approximately $1,117,935. This represents a 37.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 763,901 shares of company stock worth $70,880,205 over the last 90 days. Corporate insiders own 7.00% of the company’s stock.

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.