Edgestream Partners L.P. Acquires Shares of 6,481 Okta, Inc. (NASDAQ:OKTA)

Edgestream Partners L.P. bought a new position in shares of Okta, Inc. (NASDAQ:OKTA) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 6,481 shares of the company’s stock, valued at approximately $482,000.

Several other institutional investors and hedge funds have also made changes to their positions in OKTA. Marshall Wace LLP increased its stake in Okta by 117.4% during the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after buying an additional 1,227,890 shares during the period. Eminence Capital LP increased its position in shares of Okta by 18.1% during the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after acquiring an additional 305,381 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its stake in shares of Okta by 232.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock worth $29,479,000 after acquiring an additional 277,084 shares in the last quarter. Truist Financial Corp boosted its holdings in Okta by 62.5% in the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after purchasing an additional 200,770 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in Okta by 105.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after purchasing an additional 184,107 shares in the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Okta Stock Down 3.0 %

OKTA stock opened at $83.51 on Friday. The firm’s 50-day moving average is $75.37 and its two-hundred day moving average is $84.29. The company has a market capitalization of $14.19 billion, a price-to-earnings ratio of -247.03, a price-to-earnings-growth ratio of 20.94 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 company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18.

Insider Buying and Selling

In related news, CEO Todd Mckinnon sold 224,533 shares of Okta stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $74.62, for a total transaction of $16,754,652.46. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,790 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $74.01, for a total transaction of $206,487.90. Following the completion of the sale, the insider now directly owns 27,713 shares of the company’s stock, valued at $2,051,039.13. The trade was a 9.15 % 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 quarter. Corporate insiders own 7.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on OKTA. The Goldman Sachs Group increased their target price on Okta from $97.00 to $107.00 and gave the company a “buy” rating in a research note on Wednesday. Bank of America downgraded shares of Okta from a “buy” rating to an “underperform” rating and reduced their price objective for the company from $135.00 to $75.00 in a research note on Thursday, August 29th. Royal Bank of Canada reissued an “outperform” rating and issued a $101.00 target price on shares of Okta in a research report on Wednesday. Jefferies Financial Group increased their price target on shares of Okta from $85.00 to $100.00 and gave the stock a “hold” rating in a research report on Wednesday. Finally, Robert W. Baird upped their price objective on Okta from $95.00 to $105.00 and gave the company an “outperform” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Okta has an average rating of “Hold” and an average price target 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.