272 Capital LP Invests $1.24 Million in Okta, Inc. (NASDAQ:OKTA)

272 Capital LP purchased a new stake in Okta, Inc. (NASDAQ:OKTA) in the 3rd quarter, HoldingsChannel.com reports. The fund purchased 16,700 shares of the company’s stock, valued at approximately $1,241,000.

Several other hedge funds have also made changes to their positions in OKTA. Itau Unibanco Holding S.A. purchased a new position in Okta in the 3rd quarter valued at $25,000. Future Financial Wealth Managment LLC acquired a new stake in Okta in the third quarter valued at $26,000. Blue Trust Inc. lifted its position in shares of Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after acquiring an additional 191 shares in the last quarter. Legacy Investment Solutions LLC acquired a new stake in Okta in the 3rd quarter worth about $32,000. Finally, First Command Advisory Services Inc. acquired a new position in Okta in the second quarter valued at $47,000. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta Price Performance

Okta stock opened at $84.04 on Friday. The stock has a market cap of $14.28 billion, a price-to-earnings ratio of -239.74, a PEG ratio of 8.93 and a beta of 1.00. Okta, Inc. has a 52 week low of $70.56 and a 52 week high of $114.50. The business has a 50-day simple moving average of $76.64 and a 200 day simple moving average of $83.72. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insider Buying and Selling

In other news, Director Jacques Frederic Kerrest sold 131,426 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the transaction, the director now owns 1,622 shares of the company’s stock, valued at approximately $130,862.96. This represents a 98.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Todd Mckinnon sold 200,512 shares of the firm’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 transaction of $15,080,507.52. Following the transaction, the chief executive officer now directly owns 8,495 shares in the company, 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. Insiders have sold a total of 607,215 shares of company stock valued at $46,304,810 over the last ninety days. Company insiders own 7.00% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Morgan Stanley raised shares of Okta from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $92.00 to $97.00 in a research note on Monday, December 2nd. Piper Sandler boosted their price objective on Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Susquehanna upped their price target on Okta from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Guggenheim reissued a “buy” rating and set a $130.00 target price on shares of Okta in a research report on Wednesday, December 4th. Finally, DA Davidson boosted their target price on shares of Okta from $75.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $103.77.

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.