Whale Rock Capital Management LLC Sells 219,154 Shares of Okta, Inc. (NASDAQ:OKTA)

Whale Rock Capital Management LLC lowered its position in Okta, Inc. (NASDAQ:OKTA) by 9.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 2,182,419 shares of the company’s stock after selling 219,154 shares during the period. Okta comprises approximately 2.3% of Whale Rock Capital Management LLC’s holdings, making the stock its 20th largest position. Whale Rock Capital Management LLC’s holdings in Okta were worth $162,241,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Marshall Wace LLP boosted its stake in shares of Okta by 117.4% in the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after acquiring an additional 1,227,890 shares during the period. Point72 Asset Management L.P. bought a new position in Okta in the 3rd quarter worth approximately $49,373,000. Eminence Capital LP grew its holdings in Okta by 18.1% during the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after buying an additional 305,381 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its position in shares of Okta by 232.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock valued at $29,479,000 after buying an additional 277,084 shares during the last quarter. Finally, Truist Financial Corp lifted its holdings in shares of Okta by 62.5% in the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after buying an additional 200,770 shares in the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. DA Davidson raised their target price on shares of Okta from $75.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday. Royal Bank of Canada restated an “outperform” rating and set a $101.00 price target on shares of Okta in a report on Wednesday. JPMorgan Chase & Co. decreased their price objective on Okta from $105.00 to $85.00 and set a “neutral” rating on the stock in a report on Friday, November 29th. Morgan Stanley raised shares of Okta from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $92.00 to $97.00 in a report on Monday. Finally, Mizuho decreased their price target on shares of Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $103.77.

Okta Stock Down 3.0 %

NASDAQ:OKTA opened at $83.51 on Friday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. The stock has a market capitalization of $14.19 billion, a P/E ratio of -238.60, a P/E/G ratio of 20.94 and a beta of 1.00. The company’s 50-day simple moving average is $75.56 and its 200-day simple moving average is $84.28. Okta, Inc. has a fifty-two week low of $70.56 and a fifty-two week high of $114.50.

Insider Buying and Selling at Okta

In other news, insider Larissa Schwartz sold 2,790 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $74.01, for a total transaction of $206,487.90. Following the sale, the insider now owns 27,713 shares in the company, valued at approximately $2,051,039.13. The trade was a 9.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Todd Mckinnon sold 32,516 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $76.22, for a total transaction of $2,478,369.52. The disclosure for this sale can be found here. Insiders sold a total of 607,215 shares of company stock worth $46,304,810 over the last three months. Corporate 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.