Blue Grotto Capital LLC Invests $11.80 Million in Okta, Inc. (NASDAQ:OKTA)

Blue Grotto Capital LLC bought a new stake in Okta, Inc. (NASDAQ:OKTA - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 149,700 shares of the company's stock, valued at approximately $11,796,000. Okta makes up approximately 2.2% of Blue Grotto Capital LLC's investment portfolio, making the stock its 19th largest position. Blue Grotto Capital LLC owned about 0.09% of Okta as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Frank Rimerman Advisors LLC boosted its stake in Okta by 2.4% during the 4th quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company's stock valued at $352,000 after purchasing an additional 105 shares during the period. Stephens Inc. AR raised its holdings in shares of Okta by 5.0% during the fourth quarter. Stephens Inc. AR now owns 3,296 shares of the company's stock valued at $260,000 after buying an additional 157 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Okta by 2.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,135 shares of the company's stock worth $605,000 after buying an additional 180 shares during the period. Great Lakes Advisors LLC grew its holdings in Okta by 2.7% in the 4th quarter. Great Lakes Advisors LLC now owns 7,070 shares of the company's stock worth $557,000 after buying an additional 184 shares in the last quarter. Finally, CHICAGO TRUST Co NA grew its holdings in Okta by 6.5% in the 4th quarter. CHICAGO TRUST Co NA now owns 3,120 shares of the company's stock worth $246,000 after buying an additional 191 shares in the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Buying and Selling

In other news, insider Larissa Schwartz sold 2,704 shares of the stock in a transaction 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 transaction, the insider now owns 24,462 shares in the company, valued at $1,969,191. This represents a 9.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Eric Robert Kelleher sold 5,895 shares of the company's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $113.75, for a total transaction of $670,556.25. Following the completion of the sale, the insider now owns 9,828 shares of the company's stock, valued at $1,117,935. This represents a 37.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 763,901 shares of company stock worth $70,880,205. Insiders own 7.00% of the company's stock.

Okta Stock Down 2.9 %

Shares of Okta stock traded down $3.21 on Friday, hitting $107.99. 2,872,591 shares of the company traded hands, compared to its average volume of 2,434,121. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta, Inc. has a 12-month low of $70.56 and a 12-month high of $118.07. The company has a 50-day moving average price of $100.33 and a 200 day moving average price of $85.78. The company has a market cap of $18.75 billion, a PE ratio of -308.54, a PEG ratio of 6.42 and a beta of 1.09.

Wall Street Analyst Weigh In

OKTA has been the subject of a number of analyst reports. Canaccord Genuity Group boosted their price target on Okta from $94.00 to $100.00 and gave the stock a "hold" rating in a research report on Tuesday, March 4th. Westpark Capital reaffirmed a "buy" rating and issued a $140.00 price objective on shares of Okta in a report on Friday, February 28th. Stifel Nicolaus raised their target price on shares of Okta from $115.00 to $120.00 and gave the company a "buy" rating in a research note on Tuesday, March 4th. Piper Sandler upped their price target on shares of Okta from $85.00 to $90.00 and gave the stock a "neutral" rating in a research note on Wednesday, December 4th. Finally, Wells Fargo & Company raised their price objective on shares of Okta from $95.00 to $100.00 and gave the company an "equal weight" rating in a research note on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have assigned a buy rating to the company's stock. According to MarketBeat.com, Okta currently has a consensus rating of "Moderate Buy" and an average price target of $115.29.

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.