American Trust Reduces Position in Okta, Inc. (NASDAQ:OKTA)

American Trust decreased its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 8.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,554 shares of the company’s stock after selling 568 shares during the quarter. American Trust’s holdings in Okta were worth $487,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Paloma Partners Management Co acquired a new position in Okta in the 3rd quarter valued at $969,000. SG Americas Securities LLC raised its position in Okta by 122.3% during the third quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock worth $1,265,000 after acquiring an additional 9,364 shares during the last quarter. Truist Financial Corp lifted its stake in Okta by 62.5% in the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after buying an additional 200,770 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Okta by 105.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after acquiring an additional 184,107 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Okta by 7.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock worth $8,813,000 after purchasing an additional 8,239 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta Stock Performance

Shares of OKTA stock opened at $81.99 on Friday. The firm has a market cap of $13.93 billion, a P/E ratio of -234.26, a PEG ratio of 8.93 and a beta of 1.00. The stock’s 50-day moving average is $76.84 and its two-hundred day moving average is $83.61. Okta, Inc. has a fifty-two week low of $70.56 and a fifty-two week high of $114.50. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34.

Insider Activity at Okta

In other news, CRO Jonathan James Addison sold 9,850 shares of Okta stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $77.63, for a total value of $764,655.50. Following the transaction, the executive now directly owns 14,601 shares in the company, valued at approximately $1,133,475.63. The trade was a 40.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Todd Mckinnon sold 200,512 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $75.21, for a total value of $15,080,507.52. Following the transaction, the chief executive officer now owns 8,495 shares of the company’s stock, valued at approximately $638,908.95. This trade represents a 95.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 607,215 shares of company stock valued at $46,304,810. 7.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have commented on the company. Wells Fargo & Company lifted their price target on Okta from $80.00 to $95.00 and gave the company an “equal weight” rating in a report on Thursday, December 5th. Susquehanna raised their price objective on Okta from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Scotiabank upped their target price on shares of Okta from $92.00 to $96.00 and gave the company a “sector perform” rating in a research note on Wednesday, December 4th. BMO Capital Markets raised their price objective on Okta from $103.00 to $105.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Okta from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $115.00 to $85.00 in a report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $103.77.

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.