Cresset Asset Management LLC Reduces Position in Okta, Inc. (NASDAQ:OKTA)

Cresset Asset Management LLC cut its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 78.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,178 shares of the company’s stock after selling 26,713 shares during the quarter. Cresset Asset Management LLC’s holdings in Okta were worth $566,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. purchased a new stake in Okta in the fourth quarter valued at $1,686,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Okta by 4.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company’s stock worth $87,903,000 after acquiring an additional 46,064 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Okta by 46.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 10,833 shares of the company’s stock worth $854,000 after acquiring an additional 3,429 shares in the last quarter. Westpac Banking Corp boosted its stake in shares of Okta by 2,574.9% during the 4th quarter. Westpac Banking Corp now owns 9,817 shares of the company’s stock worth $774,000 after acquiring an additional 9,450 shares in the last quarter. Finally, Forsta AP Fonden boosted its stake in shares of Okta by 40.5% during the 4th quarter. Forsta AP Fonden now owns 73,900 shares of the company’s stock worth $5,823,000 after acquiring an additional 21,300 shares in the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Okta Stock Down 0.6%

Shares of NASDAQ OKTA opened at $123.34 on Thursday. The company has a 50 day simple moving average of $107.36 and a 200-day simple moving average of $93.13. The company has a market capitalization of $21.41 billion, a P/E ratio of -352.40, a P/E/G ratio of 6.42 and a beta of 0.96. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $125.34.

Insider Transactions at Okta

In other Okta news, insider Larissa Schwartz sold 11,552 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $114.09, for a total value of $1,317,967.68. Following the completion of the transaction, the insider now owns 22,125 shares of the company’s stock, valued at $2,524,241.25. This trade represents a 34.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Eric Robert Kelleher sold 5,895 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $113.75, for a total transaction of $670,556.25. Following the completion of the transaction, the insider now directly owns 9,828 shares of the company’s stock, valued at $1,117,935. This represents a 37.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold 154,452 shares of company stock worth $16,347,360 in the last 90 days. Insiders own 7.00% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on OKTA shares. Scotiabank increased their target price on shares of Okta from $94.00 to $109.00 and gave the stock a “sector perform” rating in a research note on Tuesday, March 4th. Susquehanna increased their target price on shares of Okta from $95.00 to $105.00 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 note on Tuesday, March 4th. BMO Capital Markets increased their target price on shares of Okta from $130.00 to $135.00 and gave the stock a “market perform” rating in a research note on Wednesday. Finally, Truist Financial raised their price target on shares of Okta from $92.00 to $100.00 and gave the company a “hold” rating in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Okta has an average rating of “Moderate Buy” and a consensus price target of $116.94.

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.