Bank of Nova Scotia Has $627,000 Stock Holdings in Okta, Inc. (NASDAQ:OKTA)

Bank of Nova Scotia lessened its holdings in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 67.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,951 shares of the company's stock after selling 16,224 shares during the quarter. Bank of Nova Scotia's holdings in Okta were worth $627,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Frank Rimerman Advisors LLC increased its holdings in shares of Okta by 2.4% during the 4th quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company's stock valued at $352,000 after acquiring an additional 105 shares during the last quarter. Stephens Inc. AR raised its position in shares of Okta by 5.0% during the fourth quarter. Stephens Inc. AR now owns 3,296 shares of the company's stock valued at $260,000 after buying an additional 157 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in Okta by 2.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,135 shares of the company's stock worth $605,000 after purchasing an additional 180 shares during the period. Great Lakes Advisors LLC boosted its stake in Okta by 2.7% during the fourth quarter. Great Lakes Advisors LLC now owns 7,070 shares of the company's stock worth $557,000 after buying an additional 184 shares in the last quarter. Finally, CHICAGO TRUST Co NA increased its holdings in Okta by 6.5% in the 4th quarter. CHICAGO TRUST Co NA now owns 3,120 shares of the company's stock valued at $246,000 after buying an additional 191 shares during the period. Institutional investors own 86.64% of the company's stock.

Okta Trading Down 2.0 %

OKTA traded down $2.04 during midday trading on Friday, reaching $97.93. 1,898,455 shares of the company were exchanged, compared to its average volume of 2,547,372. The stock has a market capitalization of $17.00 billion, a P/E ratio of -279.80, a PEG ratio of 6.42 and a beta of 1.07. Okta, Inc. has a one year low of $70.56 and a one year high of $118.07. The stock's 50-day simple moving average is $102.34 and its 200 day simple moving average is $88.35. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34.

Analyst Ratings Changes

A number of research firms have recently commented on OKTA. Truist Financial raised their price objective on shares of Okta from $92.00 to $100.00 and gave the stock a "hold" rating in a report on Tuesday, March 4th. Robert W. Baird raised their price target 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. DA Davidson raised Okta from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $90.00 to $125.00 in a report on Tuesday, March 4th. UBS Group set a $135.00 target price on Okta in a report on Tuesday, March 4th. Finally, Morgan Stanley decreased their price target on Okta from $125.00 to $123.00 and set an "overweight" rating on the stock in a research note on Wednesday. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $116.03.

Insider Buying and Selling

In related news, CFO Brett Tighe sold 5,000 shares of the firm'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 of the company's stock, valued at approximately $10,015,437. This trade represents a 4.25 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Larissa Schwartz sold 2,704 shares of the stock in a transaction dated 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 sale, the insider now owns 23,311 shares of the company's stock, valued at $2,088,199.38. This trade represents a 10.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 768,202 shares of company stock valued at $71,371,369 in the last 90 days. 7.00% of the stock is owned by insiders.

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.