Avantax Advisory Services Inc. Sells 4,574 Shares of Okta, Inc. (NASDAQ:OKTA)

Avantax Advisory Services Inc. decreased its holdings in Okta, Inc. (NASDAQ:OKTA - Free Report) by 50.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,549 shares of the company's stock after selling 4,574 shares during the period. Avantax Advisory Services Inc.'s holdings in Okta were worth $358,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Itau Unibanco Holding S.A. acquired a new stake in shares of Okta in the 3rd quarter valued at $25,000. Bank of Jackson Hole Trust acquired a new stake in shares of Okta in the fourth quarter worth about $25,000. Legacy Investment Solutions LLC bought a new stake in shares of Okta during the 3rd quarter worth about $32,000. Modus Advisors LLC bought a new position in shares of Okta in the fourth quarter valued at approximately $44,000. Finally, Wingate Wealth Advisors Inc. acquired a new stake in shares of Okta in the fourth quarter worth $44,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

Okta Stock Performance

Shares of Okta stock traded down $3.21 during trading hours on Friday, hitting $107.99. 2,872,591 shares of the company's stock traded hands, compared to its average volume of 2,428,408. The stock has a market capitalization of $18.75 billion, a price-to-earnings ratio of -308.54, a PEG ratio of 6.42 and a beta of 1.09. Okta, Inc. has a 12-month low of $70.56 and a 12-month high of $118.07. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The company has a fifty day simple moving average of $99.92 and a 200-day simple moving average of $85.43.

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Insider Buying and Selling

In other news, insider Larissa Schwartz sold 11,552 shares of the business's stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $114.09, for a total value of $1,317,967.68. Following the sale, the insider now owns 22,125 shares of the company's stock, valued at $2,524,241.25. The trade was a 34.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jacques Frederic Kerrest sold 390,000 shares of the business's stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $87.09, for a total transaction of $33,965,100.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 763,901 shares of company stock worth $70,880,205. Insiders own 7.00% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on OKTA shares. DA Davidson raised Okta from a "neutral" rating to a "buy" rating and increased their price objective for the company from $90.00 to $125.00 in a research report on Tuesday, March 4th. Westpark Capital reissued a "buy" rating and issued a $140.00 price target on shares of Okta in a report on Friday, February 28th. Canaccord Genuity Group boosted their price objective on shares of Okta from $94.00 to $100.00 and gave the stock a "hold" rating in a report on Tuesday, March 4th. Morgan Stanley set a $125.00 target price on shares of Okta in a research note on Tuesday, March 18th. Finally, Wells Fargo & Company boosted their price target on 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 given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus 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.