NewEdge Wealth LLC Sells 3,290 Shares of Okta, Inc. (NASDAQ:OKTA)

NewEdge Wealth LLC trimmed its stake in Okta, Inc. (NASDAQ:OKTA) by 1.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 278,627 shares of the company’s stock after selling 3,290 shares during the period. NewEdge Wealth LLC owned about 0.16% of Okta worth $21,956,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of OKTA. Paloma Partners Management Co bought a new stake in shares of Okta in the 3rd quarter worth about $969,000. Stifel Financial Corp boosted its position in Okta by 56.1% in the third quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock valued at $2,770,000 after buying an additional 13,387 shares in the last quarter. Nordea Investment Management AB grew its stake in Okta by 1,150.2% during the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock worth $33,146,000 after buying an additional 382,190 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased 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 worth $26,627,000 after buying an additional 184,107 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Okta by 7.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock valued at $8,813,000 after acquiring an additional 8,239 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

OKTA has been the topic of a number of research analyst reports. BMO Capital Markets increased their price target on Okta from $103.00 to $105.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. The Goldman Sachs Group raised their target price on Okta from $97.00 to $107.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Jefferies Financial Group cut their price target on Okta from $100.00 to $90.00 and set a “hold” rating for the company in a report on Thursday, December 19th. JPMorgan Chase & Co. raised shares of Okta from a “neutral” rating to an “overweight” rating and set a $100.00 price objective on the stock in a report on Monday, December 16th. Finally, Westpark Capital reaffirmed a “buy” rating and issued a $140.00 target price on shares of Okta in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $106.13.

Insider Activity

In other Okta news, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $80.50, for a total transaction of $217,672.00. Following the sale, the insider now directly owns 24,462 shares in the company, valued at approximately $1,969,191. This trade represents a 9.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Jacques Frederic Kerrest sold 3,306 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $88.85, for a total transaction of $293,738.10. The disclosure for this sale can be found here. Insiders have sold 980,908 shares of company stock worth $85,025,665 in the last 90 days. Corporate insiders own 7.00% of the company’s stock.

Okta Stock Up 0.3 %

NASDAQ:OKTA opened at $89.58 on Thursday. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $114.50. The stock has a 50-day moving average price of $89.01 and a two-hundred day moving average price of $82.57. The stock has a market cap of $15.35 billion, a price-to-earnings ratio of -255.94, a PEG ratio of 6.42 and a beta of 1.03. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06.

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.