Paloma Partners Management Co Purchases Shares of 13,032 Okta, Inc. (NASDAQ:OKTA)

Paloma Partners Management Co purchased a new position in Okta, Inc. (NASDAQ:OKTA) in the third quarter, HoldingsChannel reports. The firm purchased 13,032 shares of the company’s stock, valued at approximately $969,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Future Financial Wealth Managment LLC bought a new position in Okta in the 3rd quarter worth $26,000. Blue Trust Inc. boosted its stake in shares of Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after acquiring an additional 191 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of Okta by 71.4% during the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after purchasing an additional 142 shares in the last quarter. First Command Advisory Services Inc. bought a new stake in Okta during the 2nd quarter valued at approximately $47,000. Finally, nVerses Capital LLC purchased a new position in Okta in the 2nd quarter worth approximately $47,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Westpark Capital reiterated a “buy” rating and set a $140.00 price objective on shares of Okta 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 note on Thursday, August 29th. Jefferies Financial Group cut their price objective on Okta from $100.00 to $85.00 and set a “hold” rating for the company in a research report on Tuesday, September 24th. Piper Sandler dropped their price target on Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, October 17th. Finally, BMO Capital Markets raised their price target on Okta from $100.00 to $103.00 and gave the company a “market perform” rating in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Okta currently has a consensus rating of “Hold” and an average target price of $98.62.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 200,512 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were 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 owns 8,495 shares of the company’s stock, valued at approximately $638,908.95. This trade represents a 95.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Jonathan James Addison sold 9,850 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $77.63, for a total transaction of $764,655.50. Following the completion of the sale, the executive now directly owns 14,601 shares of the company’s stock, valued at $1,133,475.63. The trade was a 40.28 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 475,789 shares of company stock worth $35,701,361. Company insiders own 7.00% of the company’s stock.

Okta Trading Up 4.2 %

OKTA stock opened at $80.85 on Tuesday. The company has a market capitalization of $13.73 billion, a PE ratio of -96.25, a P/E/G ratio of 18.99 and a beta of 1.00. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. Okta, Inc. has a 12 month low of $70.56 and a 12 month high of $114.50. The firm’s 50-day moving average is $74.94 and its 200 day moving average is $84.56.

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.