Okta, Inc. (NASDAQ:OKTA) Stake Boosted by Townsquare Capital LLC

Townsquare Capital LLC raised its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 26.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,973 shares of the company’s stock after purchasing an additional 1,652 shares during the period. Townsquare Capital LLC’s holdings in Okta were worth $628,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Bank of Jackson Hole Trust bought a new stake in Okta in the fourth quarter valued at $25,000. TD Private Client Wealth LLC increased its holdings in shares of Okta by 3,507.7% in the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after acquiring an additional 456 shares during the period. Brown Brothers Harriman & Co. bought a new stake in Okta in the 4th quarter valued at about $43,000. Wingate Wealth Advisors Inc. acquired a new position in Okta during the 4th quarter valued at about $44,000. Finally, Modus Advisors LLC bought a new position in Okta in the 4th quarter worth about $44,000. 86.64% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Jacques Frederic Kerrest sold 390,000 shares of the stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $87.09, for a total value of $33,965,100.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Larissa Schwartz sold 2,704 shares of the business’s 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 transaction, the insider now owns 23,311 shares in the company, valued at $2,088,199.38. This represents a 10.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 768,202 shares of company stock valued at $71,371,369. 7.00% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on OKTA shares. DA Davidson upgraded Okta from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $90.00 to $125.00 in a research report on Tuesday, March 4th. UBS Group set a $135.00 price target on Okta in a research note on Tuesday, March 4th. Royal Bank of Canada lifted their price objective on shares of Okta from $115.00 to $120.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. Wells Fargo & Company increased their target price on shares of Okta from $95.00 to $100.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 4th. Finally, Barclays upped their price target on shares of Okta from $105.00 to $115.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $116.03.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $97.93 on Friday. 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 business has a 50 day moving average price of $102.38 and a 200 day moving average price of $88.64. The company has a market cap of $17.00 billion, a price-to-earnings ratio of -279.80, 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.

Okta Company 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.