Okta, Inc. (NASDAQ:OKTA) Holdings Cut by Avala Global LP

Avala Global LP lowered its holdings in Okta, Inc. (NASDAQ:OKTA) by 13.5% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 499,291 shares of the company’s stock after selling 78,026 shares during the period. Okta comprises about 2.4% of Avala Global LP’s investment portfolio, making the stock its 20th biggest holding. Avala Global LP’s holdings in Okta were worth $37,117,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. SG Americas Securities LLC raised its holdings in shares of Okta by 122.3% during 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 raised its holdings in shares of Okta by 62.5% during the second 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 during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings 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 buying an additional 184,107 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Okta by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock valued at $79,503,000 after buying an additional 17,950 shares during the last quarter. Finally, Atria Wealth Solutions Inc. raised its holdings in shares of Okta by 75.4% during the second quarter. Atria Wealth Solutions Inc. now owns 11,477 shares of the company’s stock valued at $1,074,000 after buying an additional 4,932 shares during the last quarter. Institutional investors own 86.64% of the company’s stock.

Insider Activity at Okta

In other Okta news, CRO Jonathan James Addison sold 9,850 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were 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 $1,133,475.63. The trade was a 40.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Todd Mckinnon sold 224,533 shares of the company’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $74.62, for a total transaction of $16,754,652.46. The disclosure for this sale can be found here. In the last 90 days, insiders sold 475,789 shares of company stock valued at $35,701,361. Insiders own 7.00% of the company’s stock.

Okta Stock Up 1.5 %

OKTA stock opened at $77.56 on Monday. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta, Inc. has a 1 year low of $66.69 and a 1 year high of $114.50. The company has a fifty day simple moving average of $74.94 and a 200 day simple moving average of $84.67. The firm has a market cap of $13.17 billion, a PE ratio of -92.33, a PEG ratio of 18.99 and a beta of 1.02.

Analyst Upgrades and Downgrades

OKTA has been the topic of a number of recent analyst reports. Robert W. Baird cut their price target on Okta from $105.00 to $95.00 and set an “outperform” rating on the stock in a report on Friday, October 18th. UBS Group lowered their price objective on shares of Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Bank of America lowered shares of Okta from a “buy” rating to an “underperform” rating and decreased their price target for the stock from $135.00 to $75.00 in a research report on Thursday, August 29th. Citigroup decreased their price target on shares of Okta from $115.00 to $110.00 and set a “neutral” rating on the stock in a research report on Thursday, August 29th. Finally, Scotiabank decreased their price target on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Okta presently has a consensus rating of “Hold” and a consensus target price of $98.45.

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.