Whale Rock Capital Management LLC Trims Stock Holdings in Okta, Inc. (NASDAQ:OKTA)

Whale Rock Capital Management LLC reduced its stake in Okta, Inc. (NASDAQ:OKTA - Free Report) by 9.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,182,419 shares of the company's stock after selling 219,154 shares during the quarter. Okta accounts for 2.3% of Whale Rock Capital Management LLC's investment portfolio, making the stock its 20th biggest holding. Whale Rock Capital Management LLC owned about 1.28% of Okta worth $162,241,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of OKTA. Tidal Investments LLC grew its stake in shares of Okta by 15.7% in the 1st quarter. Tidal Investments LLC now owns 5,405 shares of the company's stock valued at $565,000 after purchasing an additional 734 shares during the last quarter. Cetera Investment Advisers boosted its stake in shares of Okta by 87.4% in the first quarter. Cetera Investment Advisers now owns 17,265 shares of the company's stock valued at $1,806,000 after buying an additional 8,051 shares in the last quarter. Cetera Advisors LLC purchased a new stake in shares of Okta in the first quarter valued at approximately $946,000. EverSource Wealth Advisors LLC boosted its stake in shares of Okta by 71.4% in the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company's stock valued at $36,000 after buying an additional 142 shares in the last quarter. Finally, Harbor Capital Advisors Inc. boosted its stake in shares of Okta by 10.0% in the second quarter. Harbor Capital Advisors Inc. now owns 5,115 shares of the company's stock valued at $479,000 after buying an additional 465 shares in the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on OKTA. BMO Capital Markets lifted their price target on Okta from $103.00 to $105.00 and gave the company a "market perform" rating in a research note on Wednesday. Barclays lifted their price target on Okta from $81.00 to $96.00 and gave the company an "equal weight" rating in a research note on Wednesday. Jefferies Financial Group lifted their price target on Okta from $85.00 to $100.00 and gave the company a "hold" rating in a research note on Wednesday. Scotiabank lifted their price target on Okta from $92.00 to $96.00 and gave the company a "sector perform" rating in a research note on Wednesday. Finally, Bank of America downgraded Okta from a "buy" rating to an "underperform" rating and decreased their target price for the stock from $135.00 to $75.00 in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $103.77.

Insider Activity at Okta

In other Okta news, Director Jacques Frederic Kerrest sold 131,426 shares of the company's stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the completion of the sale, the director now directly owns 1,622 shares in the company, valued at $130,862.96. This represents a 98.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,791 shares of the company's stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the sale, the insider now directly owns 22,125 shares of the company's stock, valued at $1,581,937.50. The trade was a 11.20 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 607,215 shares of company stock worth $46,304,810. 7.00% of the stock is currently owned by insiders.

Okta Trading Up 1.6 %

Okta stock traded up $1.32 during trading on Friday, hitting $84.84. The company's stock had a trading volume of 3,932,370 shares, compared to its average volume of 2,115,277. The stock has a market capitalization of $14.41 billion, a price-to-earnings ratio of -238.60, a P/E/G ratio of 20.94 and a beta of 1.00. The stock's fifty day moving average is $75.56 and its 200 day moving average is $84.28. Okta, Inc. has a 1-year low of $70.56 and a 1-year high of $114.50. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83.

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.