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

Beacon Pointe Advisors LLC lifted its stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 44.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. 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.

Other large investors have also recently made changes to their positions in the company. Frank Rimerman Advisors LLC lifted its holdings in Okta by 2.4% during the 4th quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company's stock worth $352,000 after buying an additional 105 shares during the last quarter. Stephens Inc. AR lifted its position in Okta by 5.0% in the fourth quarter. Stephens Inc. AR now owns 3,296 shares of the company's stock valued at $260,000 after acquiring an additional 157 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Okta by 2.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,135 shares of the company's stock valued at $605,000 after acquiring an additional 180 shares in the last quarter. Great Lakes Advisors LLC increased its position in shares of Okta by 2.7% during the fourth quarter. Great Lakes Advisors LLC now owns 7,070 shares of the company's stock worth $557,000 after purchasing an additional 184 shares in the last quarter. Finally, CHICAGO TRUST Co NA lifted its holdings in shares of Okta by 6.5% in the 4th quarter. CHICAGO TRUST Co NA now owns 3,120 shares of the company's stock valued at $246,000 after purchasing an additional 191 shares during the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Larissa Schwartz sold 2,740 shares of the business's stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $97.59, for a total transaction of $267,396.60. Following the completion of the sale, the insider now owns 22,125 shares in the company, valued at approximately $2,159,178.75. The trade was a 11.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jacques Frederic Kerrest sold 65,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $97.50, for a total transaction of $6,337,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 222,192 shares of company stock valued at $22,952,256. Insiders own 7.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. BTIG Research reaffirmed a "buy" rating on shares of Okta in a research report on Tuesday, March 4th. Oppenheimer upped their target price on shares of Okta from $125.00 to $135.00 and gave the company an "outperform" rating in a report on Tuesday, March 4th. JPMorgan Chase & Co. increased their price objective on Okta from $100.00 to $105.00 and gave the stock an "overweight" rating in a research report on Friday, February 28th. KeyCorp boosted their target price on Okta from $125.00 to $135.00 and gave the company an "overweight" rating in a report on Tuesday, March 4th. Finally, Loop Capital began coverage on Okta in a report on Monday. They set a "buy" rating and a $140.00 price target for the company. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $116.80.

Okta Trading Up 2.4 %

Shares of OKTA stock traded up $2.66 during trading hours on Monday, hitting $115.56. 1,311,949 shares of the company were exchanged, compared to its average volume of 2,729,577. The firm has a fifty day moving average of $104.20 and a 200 day moving average of $90.77. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $118.07. The firm has a market cap of $20.06 billion, a PE ratio of -330.77, a PEG ratio of 6.42 and a beta of 0.96.

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.