Edgestream Partners L.P. Takes Position in Okta, Inc. (NASDAQ:OKTA)

Edgestream Partners L.P. bought a new position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 6,481 shares of the company's stock, valued at approximately $482,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. SG Americas Securities LLC raised its position in shares of Okta by 122.3% during the 3rd quarter. SG Americas Securities LLC now owns 17,021 shares of the company's stock worth $1,265,000 after purchasing an additional 9,364 shares during the last quarter. Truist Financial Corp lifted its position in shares of Okta by 62.5% in the second quarter. Truist Financial Corp now owns 522,057 shares of the company's stock valued at $48,870,000 after acquiring an additional 200,770 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Okta by 105.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company's stock valued at $26,627,000 after buying an additional 184,107 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Okta by 7.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company's stock worth $8,813,000 after purchasing an additional 8,239 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Okta by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company's stock valued at $79,503,000 after acquiring an additional 17,950 shares during the last quarter. Hedge funds and other institutional investors own 86.64% of the company's stock.

Insiders Place Their Bets

In other news, CEO Todd Mckinnon sold 224,533 shares of the firm's stock in a transaction on Friday, October 18th. The stock was sold at an average price of $74.62, for a total transaction of $16,754,652.46. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Larissa Schwartz sold 2,790 shares of the company'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 completion of the sale, the insider now directly owns 27,713 shares of the company's stock, valued at $2,051,039.13. The trade was a 9.15 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 607,215 shares of company stock valued at $46,304,810. Company insiders own 7.00% of the company's stock.

Okta Stock Performance

OKTA traded up $0.86 during trading hours on Friday, hitting $84.38. 3,734,861 shares of the stock were exchanged, compared to its average volume of 2,114,261. The stock has a market cap of $14.33 billion, a price-to-earnings ratio of -238.60, a price-to-earnings-growth ratio of 20.94 and a beta of 1.00. The stock has a 50-day simple moving average of $75.56 and a 200-day simple moving average of $84.28. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. Okta, Inc. has a 12 month low of $70.56 and a 12 month high of $114.50.

Analysts Set New Price Targets

Several brokerages have recently issued reports on OKTA. Stifel Nicolaus boosted their price objective on shares of Okta from $108.00 to $115.00 and gave the company a "buy" rating in a research note on Wednesday. Sanford C. Bernstein upgraded Okta from a "market perform" rating to an "outperform" rating and upped their price target for the stock from $123.00 to $129.00 in a research note on Thursday. Westpark Capital reaffirmed a "buy" rating and issued a $140.00 price objective on shares of Okta in a research note on Wednesday. Deutsche Bank Aktiengesellschaft downgraded shares of Okta from a "buy" rating to a "hold" rating and dropped their target price for the stock from $115.00 to $85.00 in a research report on Tuesday, November 12th. Finally, Canaccord Genuity Group lifted their price target on shares of Okta from $82.00 to $94.00 and gave the company a "hold" rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $103.77.

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.