Belpointe Asset Management LLC Acquires New Position in Okta, Inc. (NASDAQ:OKTA)

Belpointe Asset Management LLC acquired a new stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 11,621 shares of the company's stock, valued at approximately $915,000.

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

Okta Trading Down 5.3 %

Okta stock traded down $5.21 during mid-day trading on Monday, hitting $92.72. The company's stock had a trading volume of 349,774 shares, compared to its average volume of 2,551,875. The stock has a market cap of $16.10 billion, a PE ratio of -264.91, a P/E/G ratio of 6.42 and a beta of 1.07. Okta, Inc. has a one year low of $70.56 and a one year high of $118.07. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The company has a 50 day moving average of $102.38 and a 200-day moving average of $88.76.

Insider Transactions at Okta

In related news, Director Jacques Frederic Kerrest sold 390,000 shares of the business's stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $87.09, for a total value of $33,965,100.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Jonathan James Addison sold 7,005 shares of the stock in a transaction on Friday, April 11th. The shares were sold at an average price of $101.19, for a total value of $708,835.95. Following the sale, the executive now directly owns 19,067 shares in the company, valued at $1,929,389.73. This trade represents a 26.87 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 768,202 shares of company stock valued at $71,371,369. 7.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on OKTA. UBS Group set a $135.00 price target on Okta in a research report on Tuesday, March 4th. Susquehanna lifted their target price on Okta from $95.00 to $105.00 and gave the company a "neutral" rating in a research note on Tuesday, March 4th. BMO Capital Markets boosted their price target on shares of Okta from $105.00 to $130.00 and gave the company a "market perform" rating in a report on Monday, March 10th. Stephens assumed coverage on shares of Okta in a research note on Tuesday, April 1st. They set an "equal weight" rating and a $127.00 target price for the company. Finally, Needham & Company LLC reissued a "buy" rating and issued a $115.00 price objective on shares of Okta in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Okta has a consensus rating of "Moderate Buy" and an average target price of $116.03.

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.