Beacon Pointe Advisors LLC Raises Stake in Okta, Inc. (NASDAQ:OKTA)

Beacon Pointe Advisors LLC raised its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 44.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 58,922 shares of the company’s stock after buying an additional 18,187 shares during the quarter. Beacon Pointe Advisors LLC’s holdings in Okta were worth $4,643,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of OKTA. Quarry LP increased its holdings in Okta by 268.9% during the 4th quarter. Quarry LP now owns 4,464 shares of the company’s stock worth $352,000 after acquiring an additional 3,254 shares during the period. Johnson Financial Group Inc. bought a new position in shares of Okta in the fourth quarter worth $61,000. Boothbay Fund Management LLC raised its position in shares of Okta by 58.9% in the fourth quarter. Boothbay Fund Management LLC now owns 30,528 shares of the company’s stock worth $2,406,000 after buying an additional 11,311 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in Okta during the fourth quarter valued at $15,661,000. Finally, Banco Bilbao Vizcaya Argentaria S.A. grew its position in Okta by 85.4% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 11,588 shares of the company’s stock worth $922,000 after buying an additional 5,339 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors.

Okta Price Performance

Shares of OKTA stock opened at $112.54 on Wednesday. The business’s fifty day moving average is $102.92 and its 200 day moving average is $89.93. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The stock has a market cap of $19.54 billion, a price-to-earnings ratio of -321.54, a PEG ratio of 6.42 and a beta of 1.07. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $118.07.

Insider Activity

In other news, CRO Jonathan James Addison sold 7,005 shares of Okta stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $101.19, for a total transaction of $708,835.95. Following the completion of the transaction, the executive now directly owns 19,067 shares in the company, valued at approximately $1,929,389.73. This trade represents a 26.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brett Tighe sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $94.76, for a total value of $473,800.00. Following the completion of the sale, the chief financial officer now owns 97,533 shares in the company, valued at $9,242,227.08. The trade was a 4.88 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 227,192 shares of company stock worth $23,426,056. Corporate insiders own 7.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on OKTA. Truist Financial raised their price target on Okta from $92.00 to $100.00 and gave the company a “hold” rating in a report on Tuesday, March 4th. BTIG Research reiterated a “buy” rating on shares of Okta in a research report on Tuesday, March 4th. Oppenheimer increased their price target on shares of Okta from $125.00 to $135.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. Barclays lifted their price objective on shares of Okta from $105.00 to $115.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 4th. Finally, Mizuho upgraded Okta from a “neutral” rating to an “outperform” rating and raised their price target for the company from $110.00 to $127.00 in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $116.12.

Okta 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.