Concentric Capital Strategies LP Buys New Shares in Okta, Inc. (NASDAQ:OKTA)

Concentric Capital Strategies LP purchased a new stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 115,807 shares of the company's stock, valued at approximately $9,126,000. Concentric Capital Strategies LP owned about 0.07% of Okta at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Frank Rimerman Advisors LLC increased its position in shares of Okta by 2.4% in the fourth quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company's stock worth $352,000 after purchasing an additional 105 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Okta by 1.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 7,873 shares of the company's stock worth $620,000 after acquiring an additional 136 shares in the last quarter. Stephens Inc. AR increased its stake 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. Mercer Global Advisors Inc. ADV lifted its stake in Okta by 3.1% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 5,646 shares of the company's stock worth $445,000 after purchasing an additional 171 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Okta by 2.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 8,135 shares of the company's stock valued at $605,000 after purchasing an additional 180 shares in the last quarter. 86.64% of the stock is owned by institutional investors.

Insider Buying and Selling at Okta

In other news, insider Larissa Schwartz sold 2,740 shares of the firm's stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $97.59, for a total value of $267,396.60. Following the transaction, the insider now owns 22,125 shares of the company's stock, valued at approximately $2,159,178.75. This trade represents a 11.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Jonathan James Addison sold 7,005 shares of the firm's stock in a transaction dated 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 owns 19,067 shares in the company, valued at approximately $1,929,389.73. The trade was a 26.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 157,192 shares of company stock valued at $16,614,756. Company insiders own 7.00% of the company's stock.

Analysts Set New Price Targets

OKTA has been the subject of a number of recent research reports. BMO Capital Markets upped their target price on Okta from $105.00 to $130.00 and gave the stock a "market perform" rating in a report on Monday, March 10th. Susquehanna upped their price target on shares of Okta from $95.00 to $105.00 and gave the company a "neutral" rating in a research report on Tuesday, March 4th. BTIG Research restated a "buy" rating on shares of Okta in a research report on Tuesday, March 4th. Mizuho raised shares of Okta from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $110.00 to $127.00 in a research report on Tuesday, March 4th. Finally, Morgan Stanley decreased their target price on Okta from $125.00 to $123.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $116.80.

Okta Stock Performance

NASDAQ:OKTA opened at $117.07 on Wednesday. Okta, Inc. has a fifty-two week low of $70.56 and a fifty-two week high of $118.60. The firm's 50 day moving average is $105.28 and its two-hundred day moving average is $91.24. The company has a market cap of $20.32 billion, a P/E ratio of -334.49, a P/E/G ratio of 6.42 and a beta of 0.96. 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 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.

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