Independent Advisor Alliance Cuts Stock Position in Okta, Inc. (NASDAQ:OKTA)

Independent Advisor Alliance reduced its position in Okta, Inc. (NASDAQ:OKTA) by 5.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 5,576 shares of the company’s stock after selling 310 shares during the quarter. Independent Advisor Alliance’s holdings in Okta were worth $439,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OKTA. EPIQ Capital Group LLC purchased a new stake in Okta during the 4th quarter valued at about $236,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Okta by 28.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 152,510 shares of the company’s stock valued at $12,018,000 after acquiring an additional 33,963 shares during the period. AlphaQuest LLC boosted its holdings in Okta by 43.7% during the 4th quarter. AlphaQuest LLC now owns 10,251 shares of the company’s stock valued at $808,000 after acquiring an additional 3,117 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Okta by 7.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,362 shares of the company’s stock valued at $501,000 after acquiring an additional 437 shares during the period. Finally, Machina Capital S.A.S. boosted its holdings in Okta by 19.9% during the 4th quarter. Machina Capital S.A.S. now owns 4,739 shares of the company’s stock valued at $373,000 after acquiring an additional 786 shares during the period. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on OKTA. Stifel Nicolaus increased their target price on Okta from $115.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, March 4th. Robert W. Baird increased their target price on Okta from $115.00 to $130.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. BMO Capital Markets increased their target price on Okta from $105.00 to $130.00 and gave the company a “market perform” rating in a report on Monday, March 10th. Susquehanna upped their price target on Okta from $95.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday, March 4th. Finally, BTIG Research reaffirmed a “buy” rating on shares of Okta in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $114.39.

Insider Buying and Selling

In related news, CEO Todd Mckinnon sold 233,028 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $82.31, for a total value of $19,180,534.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Larissa Schwartz sold 2,704 shares of Okta stock in a transaction on Monday, December 30th. The stock was sold at an average price of $80.50, for a total value of $217,672.00. Following the completion of the sale, the insider now directly owns 24,462 shares of the company’s stock, valued at approximately $1,969,191. The trade was a 9.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 979,482 shares of company stock worth $88,072,216 in the last 90 days. Insiders own 7.00% of the company’s stock.

Okta Stock Performance

Okta stock opened at $115.64 on Tuesday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $19.82 billion, a P/E ratio of -330.40, a PEG ratio of 6.42 and a beta of 1.09. The stock’s 50 day moving average is $95.21 and its 200 day moving average is $83.42. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $116.96.

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.