Pinnacle Holdings LLC Sells 499,550 Shares of Okta, Inc. (NASDAQ:OKTA)

Pinnacle Holdings LLC cut its stake in Okta, Inc. (NASDAQ:OKTA - Free Report) by 99.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 450 shares of the company's stock after selling 499,550 shares during the period. Pinnacle Holdings LLC's holdings in Okta were worth $35,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. SBI Securities Co. Ltd. purchased a new stake in Okta during the 4th quarter worth approximately $1,686,000. Stifel Financial Corp lifted its holdings in shares of Okta by 56.1% during the third quarter. Stifel Financial Corp now owns 37,258 shares of the company's stock worth $2,770,000 after purchasing an additional 13,387 shares during the period. Nordea Investment Management AB boosted its position in Okta by 1,150.2% in the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company's stock valued at $33,146,000 after buying an additional 382,190 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Okta by 4.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company's stock worth $87,903,000 after buying an additional 46,064 shares during the last quarter. Finally, Sanctuary Advisors LLC boosted its stake in shares of Okta by 125.8% in the third quarter. Sanctuary Advisors LLC now owns 11,244 shares of the company's stock worth $861,000 after buying an additional 6,265 shares during the last quarter. Hedge funds and other institutional investors own 86.64% of the company's stock.

Okta Price Performance

Shares of NASDAQ:OKTA traded down $1.12 during midday trading on Monday, reaching $100.70. The company's stock had a trading volume of 698,684 shares, compared to its average volume of 2,530,472. The business's fifty day simple moving average is $102.15 and its 200-day simple moving average is $87.84. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. Okta, Inc. has a fifty-two week low of $70.56 and a fifty-two week high of $118.07. The company has a market capitalization of $17.48 billion, a P/E ratio of -287.71, a P/E/G ratio of 6.42 and a beta of 1.07.

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Analyst Upgrades and Downgrades

OKTA has been the subject of several recent analyst reports. Wells Fargo & Company boosted their price target on shares of Okta from $95.00 to $100.00 and gave the stock an "equal weight" rating in a report on Tuesday, March 4th. Susquehanna boosted their price objective on Okta from $95.00 to $105.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 4th. DA Davidson raised shares of Okta from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $90.00 to $125.00 in a research note on Tuesday, March 4th. UBS Group set a $135.00 price target on shares of Okta in a research note on Tuesday, March 4th. Finally, Barclays lifted their price target on shares of Okta from $105.00 to $115.00 and gave the company an "equal weight" rating in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $116.09.

Insider Buying and Selling at Okta

In other Okta news, insider Larissa Schwartz sold 11,552 shares of Okta stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total value of $1,317,967.68. Following the sale, the insider now owns 22,125 shares of the company's stock, valued at $2,524,241.25. This trade represents a 34.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Brett Tighe sold 5,000 shares of the firm's stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 112,533 shares of the company's stock, valued at $10,015,437. This represents a 4.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 761,197 shares of company stock valued at $70,662,533. 7.00% of the stock is currently owned by company insiders.

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.