Zurcher Kantonalbank Zurich Cantonalbank Boosts Stock Position in Okta, Inc. (NASDAQ:OKTA)

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Okta, Inc. (NASDAQ:OKTA - Free Report) by 7.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 118,547 shares of the company's stock after purchasing an additional 8,239 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.07% of Okta worth $8,813,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Future Financial Wealth Managment LLC purchased a new position in Okta in the 3rd quarter valued at approximately $26,000. Blue Trust Inc. grew its position in shares of Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company's stock valued at $28,000 after purchasing an additional 191 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Okta by 71.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company's stock valued at $36,000 after purchasing an additional 142 shares during the period. First Command Advisory Services Inc. purchased a new stake in Okta during the 2nd quarter worth about $47,000. Finally, nVerses Capital LLC bought a new position in Okta in the 2nd quarter worth about $47,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Okta

In related news, CEO Todd Mckinnon sold 224,533 shares of the company's stock in a transaction on Friday, October 18th. The stock was sold at an average price of $74.62, for a total value of $16,754,652.46. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Larissa Schwartz sold 2,791 shares of the firm's stock in a transaction on Monday, November 4th. The shares were sold at an average price of $71.50, for a total value of $199,556.50. Following the transaction, the insider now directly owns 22,125 shares of the company's stock, valued at $1,581,937.50. This represents a 11.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 475,789 shares of company stock worth $35,701,361 over the last quarter. 7.00% of the stock is owned by corporate insiders.

Okta Trading Up 4.2 %

NASDAQ OKTA traded up $3.29 on Monday, hitting $80.85. The company's stock had a trading volume of 4,448,776 shares, compared to its average volume of 1,975,705. The firm has a market cap of $13.73 billion, a P/E ratio of -96.25, a PEG ratio of 18.99 and a beta of 1.02. Okta, Inc. has a 52-week low of $70.56 and a 52-week high of $114.50. The company's 50-day simple moving average is $74.94 and its 200 day simple moving average is $84.56. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Truist Financial decreased their price target on Okta from $95.00 to $80.00 and set a "hold" rating on the stock in a research report on Thursday, October 17th. Morgan Stanley upgraded Okta from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $92.00 to $97.00 in a research report on Monday. Barclays began coverage on Okta in a research note on Tuesday, November 19th. They issued an "equal weight" rating and a $81.00 target price on the stock. Robert W. Baird dropped their price target on Okta from $105.00 to $95.00 and set an "outperform" rating for the company in a research report on Friday, October 18th. Finally, Jefferies Financial Group decreased their price objective on shares of Okta from $100.00 to $85.00 and set a "hold" rating on the stock in a research report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Okta has a consensus rating of "Hold" and a consensus price target of $98.62.

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.