Truvestments Capital LLC Has $302,000 Stock Position in Okta, Inc. (NASDAQ:OKTA)

Truvestments Capital LLC lifted its stake in Okta, Inc. (NASDAQ:OKTA) by 8.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 3,829 shares of the company’s stock after buying an additional 282 shares during the period. Truvestments Capital LLC’s holdings in Okta were worth $302,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Paloma Partners Management Co acquired a new stake in shares of Okta in the third quarter valued at about $969,000. SBI Securities Co. Ltd. acquired a new position in Okta during the fourth quarter worth approximately $1,686,000. Stifel Financial Corp increased its position in 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 buying an additional 13,387 shares during the last quarter. Nordea Investment Management AB increased its position in 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 buying an additional 382,190 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in Okta by 105.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock worth $26,627,000 after buying an additional 184,107 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Analyst Upgrades and Downgrades

OKTA has been the topic of a number of recent analyst reports. Truist Financial boosted their price target on Okta from $92.00 to $100.00 and gave the stock a “hold” rating in a research report on Tuesday, March 4th. Scotiabank boosted their price target on Okta from $94.00 to $109.00 and gave the stock a “sector perform” rating in a research report on Tuesday, March 4th. Citigroup boosted their price target on Okta from $100.00 to $110.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 4th. Royal Bank of Canada boosted their price target on Okta from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. Finally, Mizuho raised Okta from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $110.00 to $127.00 in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat.com, Okta has an average rating of “Moderate Buy” and an average price target of $114.39.

Okta Stock Up 1.7 %

NASDAQ OKTA opened at $108.78 on Thursday. The business has a fifty day moving average price of $93.39 and a two-hundred day moving average price of $83.09. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. Okta, Inc. has a fifty-two week low of $70.56 and a fifty-two week high of $116.96. The stock has a market capitalization of $18.64 billion, a PE ratio of -310.80, a PEG ratio of 6.42 and a beta of 1.09.

Insiders Place Their Bets

In other news, CEO Todd Mckinnon sold 233,028 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $82.31, for a total transaction of $19,180,534.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jacques Frederic Kerrest sold 130,000 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $105.00, for a total transaction of $13,650,000.00. The disclosure for this sale can be found here. Insiders sold 979,482 shares of company stock worth $88,072,216 over the last three months. 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.