CIBC Private Wealth Group LLC Buys 35,409 Shares of Okta, Inc. (NASDAQ:OKTA)

CIBC Private Wealth Group LLC grew its stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 131.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 62,409 shares of the company's stock after acquiring an additional 35,409 shares during the period. CIBC Private Wealth Group LLC's holdings in Okta were worth $5,333,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. acquired a new position in shares of Okta during the third quarter worth approximately $25,000. Bank of Jackson Hole Trust bought a new position in shares of Okta during the 4th quarter worth $25,000. Legacy Investment Solutions LLC purchased a new position in shares of Okta in the third quarter worth about $32,000. TD Private Client Wealth LLC lifted its position in shares of Okta by 3,507.7% during the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company's stock worth $37,000 after acquiring an additional 456 shares in the last quarter. Finally, Brown Brothers Harriman & Co. bought a new position in Okta in the 4th quarter worth about $43,000. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Stock Down 8.3 %

Shares of NASDAQ:OKTA traded down $8.34 during midday trading on Friday, hitting $91.93. The stock had a trading volume of 7,543,540 shares, compared to its average volume of 2,469,366. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The business's 50-day simple moving average is $101.58 and its 200-day simple moving average is $86.54. The company has a market cap of $15.96 billion, a P/E ratio of -262.66, a PEG ratio of 6.42 and a beta of 1.06. Okta, Inc. has a 12 month low of $70.56 and a 12 month high of $118.07.

Remove Ads

Insider Activity at Okta

In related news, CFO Brett Tighe sold 5,000 shares of the business's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total transaction of $445,000.00. Following the sale, the chief financial officer now owns 112,533 shares in the company, valued at $10,015,437. The trade was a 4.25 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Eric Robert Kelleher sold 5,895 shares of the company's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $113.75, for a total value of $670,556.25. Following the completion of the sale, the insider now owns 9,828 shares in the company, valued at $1,117,935. The trade was a 37.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 761,197 shares of company stock worth $70,662,533. Company insiders own 7.00% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on OKTA shares. BMO Capital Markets boosted their target price on Okta from $105.00 to $130.00 and gave the stock a "market perform" rating in a research report on Monday, March 10th. Scotiabank boosted their target price on shares of Okta from $94.00 to $109.00 and gave the company a "sector perform" rating in a report on Tuesday, March 4th. Robert W. Baird upped their target price on shares of Okta from $115.00 to $130.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 4th. Needham & Company LLC reiterated a "buy" rating and set a $115.00 target price on shares of Okta in a research note on Tuesday, March 4th. Finally, Truist Financial raised their price objective on Okta from $92.00 to $100.00 and gave the stock a "hold" 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, nineteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $116.09.

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.