Sterling Capital Management LLC Sells 60,279 Shares of Okta, Inc. (NASDAQ:OKTA)

Sterling Capital Management LLC trimmed its stake in Okta, Inc. (NASDAQ:OKTA - Free Report) by 90.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,426 shares of the company's stock after selling 60,279 shares during the period. Sterling Capital Management LLC's holdings in Okta were worth $506,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the stock. Bank of Jackson Hole Trust bought a new stake in shares of Okta in the 4th quarter valued at $25,000. TD Private Client Wealth LLC boosted its position in Okta by 3,507.7% during the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company's stock valued at $37,000 after acquiring an additional 456 shares during the last quarter. Brown Brothers Harriman & Co. acquired a new stake in Okta during the 4th quarter worth about $43,000. Modus Advisors LLC bought a new position in shares of Okta in the 4th quarter worth about $44,000. Finally, Wingate Wealth Advisors Inc. bought a new position in shares of Okta in the 4th quarter worth about $44,000. 86.64% of the stock is owned by institutional investors.

Insider Activity at Okta

In related news, Director Jacques Frederic Kerrest sold 390,000 shares of the company's stock in a transaction that occurred 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 2,740 shares of the firm's stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $97.59, for a total transaction of $267,396.60. Following the completion of the transaction, the insider now directly owns 22,125 shares of the company's stock, valued at approximately $2,159,178.75. The trade was a 11.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 757,192 shares of company stock worth $70,390,406. 7.00% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on OKTA shares. BTIG Research reaffirmed a "buy" rating on shares of Okta in a research note on Tuesday, March 4th. Jefferies Financial Group upped their price target on Okta from $90.00 to $110.00 and gave the stock a "hold" rating in a research note on Tuesday, March 4th. Robert W. Baird boosted their price objective on Okta from $115.00 to $130.00 and gave the company an "outperform" rating in a report on Tuesday, March 4th. Susquehanna increased their target price on Okta from $95.00 to $105.00 and gave the stock a "neutral" rating in a report on Tuesday, March 4th. Finally, BMO Capital Markets boosted their price target on shares of Okta from $105.00 to $130.00 and gave the company a "market perform" rating in a research note on Monday, March 10th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $116.12.

Okta Stock Performance

OKTA stock traded up $5.24 during midday trading on Wednesday, reaching $99.57. 625,893 shares of the company's stock traded hands, compared to its average volume of 2,554,982. Okta, Inc. has a 52 week low of $70.56 and a 52 week high of $118.07. The company has a 50-day moving average price of $102.14 and a two-hundred day moving average price of $88.94. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a market capitalization of $17.29 billion, a PE ratio of -284.49, a price-to-earnings-growth 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.