45,984 Shares in Okta, Inc. (NASDAQ:OKTA) Purchased by Prevail Innovative Wealth Advisors LLC

Prevail Innovative Wealth Advisors LLC purchased a new stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 45,984 shares of the company's stock, valued at approximately $3,624,000. Okta comprises 1.0% of Prevail Innovative Wealth Advisors LLC's portfolio, making the stock its 29th largest position.

Several other institutional investors and hedge funds have also recently modified their holdings of OKTA. CIBC Private Wealth Group LLC increased its holdings in shares of Okta by 131.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 62,409 shares of the company's stock valued at $5,333,000 after acquiring an additional 35,409 shares during the period. RWA Wealth Partners LLC increased its position in Okta by 33.0% during the 4th quarter. RWA Wealth Partners LLC now owns 25,928 shares of the company's stock worth $2,043,000 after purchasing an additional 6,437 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Okta by 54.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,241,220 shares of the company's stock valued at $97,808,000 after buying an additional 440,171 shares during the last quarter. Allstate Corp acquired a new stake in shares of Okta during the fourth quarter worth $377,000. Finally, Brown Brothers Harriman & Co. purchased a new stake in Okta in the 4th quarter valued at about $43,000. Hedge funds and other institutional investors own 86.64% of the company's stock.

Okta Stock Down 4.6 %

Okta stock traded down $4.88 during midday trading on Thursday, hitting $100.50. 1,691,310 shares of the stock were exchanged, compared to its average volume of 2,437,441. Okta, Inc. has a 52-week low of $70.56 and a 52-week high of $118.07. The business's 50-day moving average price is $101.33 and its 200-day moving average price is $86.45. The stock has a market capitalization of $17.45 billion, a price-to-earnings ratio of -287.14, a price-to-earnings-growth ratio of 6.42 and a beta of 1.06. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

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Insider Buying and Selling

In other news, insider Larissa Schwartz sold 2,704 shares of the business's 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 approximately $2,088,199.38. The trade was a 10.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Eric Robert Kelleher sold 5,895 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $113.75, for a total value of $670,556.25. Following the completion of the sale, the insider now owns 9,828 shares of the company's stock, valued at approximately $1,117,935. This trade represents a 37.49 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 761,197 shares of company stock valued at $70,662,533. 7.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on OKTA shares. Robert W. Baird raised their price target on shares of Okta from $115.00 to $130.00 and gave the company an "outperform" rating in a report on Tuesday, March 4th. Mizuho upgraded Okta from a "neutral" rating to an "outperform" rating and raised their price objective for the company from $110.00 to $127.00 in a research note on Tuesday, March 4th. Sanford C. Bernstein cut their target price on shares of Okta from $129.00 to $124.00 and set an "outperform" rating on the stock in a research note on Tuesday, December 17th. Jefferies Financial Group raised their price objective on Okta from $90.00 to $110.00 and gave the stock a "hold" rating in a research note on Tuesday, March 4th. Finally, Piper Sandler lifted their target price on Okta from $85.00 to $90.00 and gave the company a "neutral" rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Okta presently has an average rating of "Moderate Buy" and a consensus price target of $116.09.

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.