Geode Capital Management LLC Trims Stake in Okta, Inc. (NASDAQ:OKTA)

Geode Capital Management LLC lowered its holdings in Okta, Inc. (NASDAQ:OKTA) by 0.4% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,565,106 shares of the company’s stock after selling 9,562 shares during the period. Geode Capital Management LLC’s holdings in Okta were worth $190,227,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of OKTA. MML Investors Services LLC lifted its position in Okta by 43.2% during the third quarter. MML Investors Services LLC now owns 33,333 shares of the company’s stock valued at $2,478,000 after purchasing an additional 10,048 shares during the last quarter. Legacy Investment Solutions LLC bought a new stake in shares of Okta during the 3rd quarter worth $32,000. Wahed Invest LLC grew its position in Okta by 14.8% in the third quarter. Wahed Invest LLC now owns 3,874 shares of the company’s stock worth $288,000 after acquiring an additional 499 shares in the last quarter. Washington Harbour Partners LP increased its stake in Okta by 19.4% in the third quarter. Washington Harbour Partners LP now owns 35,760 shares of the company’s stock valued at $2,658,000 after acquiring an additional 5,800 shares during the last quarter. Finally, Weiss Asset Management LP purchased a new stake in Okta during the third quarter valued at about $3,486,000. Institutional investors own 86.64% of the company’s stock.

Okta Stock Down 2.3 %

OKTA stock opened at $81.99 on Monday. Okta, Inc. has a fifty-two week low of $70.56 and a fifty-two week high of $114.50. The company has a market capitalization of $13.93 billion, a price-to-earnings ratio of -234.26, a price-to-earnings-growth ratio of 8.93 and a beta of 1.00. The business’s 50 day moving average price is $76.84 and its two-hundred day moving average price is $83.43. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34.

Insider Activity at Okta

In related news, insider Larissa Schwartz sold 2,791 shares of Okta stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $71.50, for a total transaction of $199,556.50. Following the completion of the transaction, the insider now directly owns 22,125 shares of the company’s stock, valued at $1,581,937.50. This trade represents a 11.20 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Todd Mckinnon sold 32,516 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $76.22, for a total transaction of $2,478,369.52. The disclosure for this sale can be found here. Insiders have sold 604,425 shares of company stock worth $46,098,322 over the last ninety days. 7.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on OKTA. Morgan Stanley upgraded Okta from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $92.00 to $97.00 in a research report on Monday, December 2nd. Canaccord Genuity Group lifted their price target on shares of Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. Piper Sandler upped their price objective on shares of Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. JMP Securities reiterated a “market perform” rating on shares of Okta in a research report on Wednesday, December 4th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Okta from a “buy” rating to a “hold” rating and cut their price target for the company from $115.00 to $85.00 in a research report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $103.77.

About Okta

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.