Okta, Inc. (NASDAQ:OKTA) Shares Sold by Titan Global Capital Management USA LLC

Titan Global Capital Management USA LLC lessened its position in Okta, Inc. (NASDAQ:OKTA - Free Report) by 8.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 45,557 shares of the company's stock after selling 4,146 shares during the quarter. Titan Global Capital Management USA LLC's holdings in Okta were worth $3,590,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Okta during the fourth quarter valued at $234,992,000. Massachusetts Financial Services Co. MA grew its stake in Okta by 570.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 869,362 shares of the company's stock worth $68,506,000 after acquiring an additional 739,707 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Okta by 54.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,241,220 shares of the company's stock worth $97,808,000 after acquiring an additional 440,171 shares during the period. Nordea Investment Management AB raised its stake in shares of Okta by 1,150.2% during the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company's stock valued at $33,146,000 after acquiring an additional 382,190 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Okta by 138.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 554,633 shares of the company's stock valued at $43,721,000 after purchasing an additional 322,201 shares during the period. 86.64% of the stock is owned by hedge funds and other institutional investors.

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Insider Activity at Okta

In other news, insider Larissa Schwartz sold 2,704 shares of Okta stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $89.58, for a total value of $242,224.32. Following the sale, the insider now owns 23,311 shares in the company, valued at $2,088,199.38. This trade represents a 10.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Eric Robert Kelleher sold 5,895 shares of the company's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $113.75, for a total transaction of $670,556.25. Following the transaction, 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.

Okta Price Performance

NASDAQ OKTA traded down $0.67 during trading hours on Tuesday, reaching $100.21. The company's stock had a trading volume of 2,318,871 shares, compared to its average volume of 2,535,502. The firm has a market capitalization of $17.40 billion, a price-to-earnings ratio of -286.31, a P/E/G ratio of 6.42 and a beta of 1.07. Okta, Inc. has a 1-year low of $70.56 and a 1-year high of $118.07. The company's 50-day moving average is $102.22 and its two-hundred day moving average is $88.03. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34.

Analysts Set New Price Targets

Several research analysts have commented on the company. KeyCorp raised their price objective on Okta from $125.00 to $135.00 and gave the stock an "overweight" rating in a report on Tuesday, March 4th. Citigroup upped their price objective on shares of Okta from $100.00 to $110.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 4th. Needham & Company LLC reissued a "buy" rating and set a $115.00 target price on shares of Okta in a research report on Tuesday, March 4th. Robert W. Baird boosted 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. Finally, BMO Capital Markets increased their price objective 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 investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Okta currently has a consensus rating of "Moderate Buy" and a consensus target price 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.