Concurrent Investment Advisors LLC Takes Position in Okta, Inc. (NASDAQ:OKTA)

Concurrent Investment Advisors LLC purchased a new stake in shares of Okta, Inc. (NASDAQ:OKTA) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 9,487 shares of the company’s stock, valued at approximately $748,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. purchased a new stake in Okta in the third quarter valued at $25,000. Bank of Jackson Hole Trust purchased a new stake in shares of Okta in the 4th quarter valued at approximately $25,000. Blue Trust Inc. raised its stake in shares of Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after acquiring an additional 191 shares during the period. Legacy Investment Solutions LLC purchased a new stake in Okta in the third quarter valued at approximately $32,000. Finally, Modus Advisors LLC purchased a new stake in Okta in the fourth quarter valued at approximately $44,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Canaccord Genuity Group boosted their price objective on Okta from $82.00 to $94.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. KeyCorp boosted their price target on shares of Okta from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 11th. Westpark Capital reiterated a “buy” rating and set a $140.00 price target on shares of Okta in a research note on Wednesday, December 4th. Stifel Nicolaus boosted their price target on shares of Okta from $108.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Finally, The Goldman Sachs Group upped their target price on shares of Okta from $97.00 to $107.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $106.13.

Okta Stock Down 2.6 %

OKTA opened at $92.75 on Monday. The stock has a market capitalization of $15.89 billion, a P/E ratio of -265.00, a price-to-earnings-growth ratio of 6.42 and a beta of 1.03. Okta, Inc. has a one year low of $70.56 and a one year high of $114.50. The business’s 50-day simple moving average is $88.64 and its 200-day simple moving average is $82.51. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34.

Insiders Place Their Bets

In other Okta news, Director Jacques Frederic Kerrest sold 131,426 shares of Okta stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $80.68, for a total value of $10,603,449.68. Following the transaction, the director now directly owns 1,622 shares in the company, valued at approximately $130,862.96. The trade was a 98.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Larissa Schwartz sold 2,740 shares of the business’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $97.59, for a total value of $267,396.60. Following the completion of the transaction, the insider now owns 22,125 shares in the company, valued at $2,159,178.75. This trade represents a 11.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 980,908 shares of company stock valued at $85,025,665 over the last quarter. Company insiders own 7.00% of the company’s stock.

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.