Dark Forest Capital Management LP Sells 21,807 Shares of Okta, Inc. (NASDAQ:OKTA)

Dark Forest Capital Management LP reduced its position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 49.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,324 shares of the company's stock after selling 21,807 shares during the period. Dark Forest Capital Management LP's holdings in Okta were worth $1,759,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OKTA. Stifel Financial Corp grew its holdings in shares of Okta by 86.3% during the 4th quarter. Stifel Financial Corp now owns 69,426 shares of the company's stock valued at $5,471,000 after purchasing an additional 32,168 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Okta by 46.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,833 shares of the company's stock worth $854,000 after buying an additional 3,429 shares during the last quarter. MML Investors Services LLC increased its holdings in shares of Okta by 7.5% during the fourth quarter. MML Investors Services LLC now owns 35,818 shares of the company's stock worth $2,822,000 after buying an additional 2,485 shares in the last quarter. Formula Growth Ltd. lifted its stake in shares of Okta by 9.4% in the 4th quarter. Formula Growth Ltd. now owns 70,000 shares of the company's stock valued at $5,516,000 after acquiring an additional 6,000 shares during the last quarter. Finally, Forum Financial Management LP acquired a new stake in shares of Okta during the 4th quarter valued at $333,000. 86.64% of the stock is currently owned by institutional investors.

Okta Stock Performance

Shares of Okta stock traded up $1.84 during mid-day trading on Friday, hitting $103.38. 1,530,041 shares of the stock were exchanged, compared to its average volume of 2,572,125. Okta, Inc. has a 12 month low of $70.56 and a 12 month high of $118.07. The company has a 50-day simple moving average of $102.42 and a 200 day simple moving average of $89.41. The company has a market capitalization of $17.95 billion, a P/E ratio of -295.37, a P/E/G ratio of 6.42 and a beta of 1.07. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34.

Insider Buying and Selling

In other news, insider Larissa Schwartz sold 11,552 shares of the firm'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 transaction of $1,317,967.68. Following the completion of the sale, the insider now owns 22,125 shares in the company, valued at $2,524,241.25. This trade represents a 34.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Brett Tighe sold 5,000 shares of Okta stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $94.56, for a total transaction of $472,800.00. Following the completion of the sale, the chief financial officer now directly owns 102,533 shares in the company, valued at $9,695,520.48. This trade represents a 4.65 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 362,192 shares of company stock worth $35,988,856. 7.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on OKTA. Wells Fargo & Company upped their target price on Okta from $95.00 to $100.00 and gave the stock an "equal weight" rating in a report on Tuesday, March 4th. The Goldman Sachs Group raised their target price on Okta from $107.00 to $123.00 and gave the stock a "buy" rating in a research report on Tuesday, March 4th. UBS Group set a $135.00 price target on Okta in a research report on Tuesday, March 4th. Jefferies Financial Group raised their price objective on Okta from $90.00 to $110.00 and gave the stock a "hold" rating in a research report on Tuesday, March 4th. Finally, Cantor Fitzgerald started coverage on Okta in a report on Monday, March 31st. They issued an "overweight" rating and a $130.00 target price on the stock. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, Okta has a consensus rating of "Moderate Buy" and an average target price of $116.12.

Okta Company 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.