Fortis Capital Advisors LLC Takes Position in Okta, Inc. (NASDAQ:OKTA)

Fortis Capital Advisors LLC bought a new stake in Okta, Inc. (NASDAQ:OKTA - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 11,621 shares of the company's stock, valued at approximately $915,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. increased its stake in shares of Okta by 56.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 90,895 shares of the company's stock worth $7,163,000 after acquiring an additional 32,790 shares during the period. Quinn Opportunity Partners LLC acquired a new stake in Okta during the 4th quarter worth about $1,298,000. Covestor Ltd grew its position in Okta by 65.1% during the 4th quarter. Covestor Ltd now owns 1,380 shares of the company's stock worth $109,000 after purchasing an additional 544 shares during the period. APG Asset Management US Inc. purchased a new position in shares of Okta during the 4th quarter valued at about $403,000. Finally, APG Asset Management N.V. lifted its holdings in shares of Okta by 1,266.3% in the 4th quarter. APG Asset Management N.V. now owns 96,406 shares of the company's stock valued at $7,336,000 after buying an additional 89,350 shares during the period. Institutional investors and hedge funds own 86.64% of the company's stock.

Insider Activity

In related news, insider Larissa Schwartz sold 2,704 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $89.58, for a total value of $242,224.32. Following the completion of the transaction, the insider now directly owns 23,311 shares in the company, valued at approximately $2,088,199.38. This represents a 10.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jacques Frederic Kerrest sold 3,306 shares of Okta stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $88.85, for a total value of $293,738.10. The disclosure for this sale can be found here. Insiders sold a total of 768,202 shares of company stock valued at $71,371,369 in the last 90 days. Company insiders own 7.00% of the company's stock.

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Analyst Ratings Changes

Several research analysts recently weighed in on OKTA shares. Citigroup lifted their price target on Okta from $100.00 to $110.00 and gave the company a "neutral" rating in a research report on Tuesday, March 4th. Jefferies Financial Group lifted their target price on shares of Okta from $90.00 to $110.00 and gave the company a "hold" rating in a report on Tuesday, March 4th. Royal Bank of Canada increased their price target on shares of Okta from $115.00 to $120.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. Truist Financial lifted their price objective on shares of Okta from $92.00 to $100.00 and gave the company a "hold" rating in a report on Tuesday, March 4th. Finally, Canaccord Genuity Group upped their price objective on shares of Okta from $94.00 to $100.00 and gave the stock a "hold" rating in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $116.09.

Okta Trading Down 0.7 %

Okta stock traded down $0.67 during midday trading on Tuesday, hitting $100.21. 2,319,032 shares of the stock were exchanged, compared to its average volume of 2,538,729. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. The stock's 50-day simple moving average is $102.27 and its 200 day simple moving average is $88.11. Okta, Inc. has a fifty-two week low of $70.56 and a fifty-two week high of $118.07. The stock has a market capitalization of $17.40 billion, a price-to-earnings ratio of -286.31, a PEG ratio of 6.42 and a beta of 1.07.

Okta 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.