Cresset Asset Management LLC Cuts Holdings in Okta, Inc. (NASDAQ:OKTA)

Cresset Asset Management LLC reduced its holdings in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 78.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,178 shares of the company's stock after selling 26,713 shares during the period. Cresset Asset Management LLC's holdings in Okta were worth $566,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in OKTA. Crestline Management LP increased its stake in shares of Okta by 11.4% in the fourth quarter. Crestline Management LP now owns 50,902 shares of the company's stock worth $4,011,000 after purchasing an additional 5,201 shares in the last quarter. Cetera Investment Advisers grew its position in shares of Okta by 54.0% during the fourth quarter. Cetera Investment Advisers now owns 19,371 shares of the company's stock worth $1,526,000 after purchasing an additional 6,789 shares in the last quarter. Brevan Howard Capital Management LP raised its position in shares of Okta by 320.1% during the fourth quarter. Brevan Howard Capital Management LP now owns 60,642 shares of the company's stock valued at $4,779,000 after buying an additional 46,206 shares during the last quarter. Captrust Financial Advisors boosted its holdings in shares of Okta by 21.8% during the 4th quarter. Captrust Financial Advisors now owns 8,676 shares of the company's stock valued at $684,000 after purchasing an additional 1,555 shares during the last quarter. Finally, Bayesian Capital Management LP purchased a new position in Okta during the 4th quarter valued at approximately $4,499,000. 86.64% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Stifel Nicolaus upped their price objective on Okta from $115.00 to $120.00 and gave the company a "buy" rating in a research report on Tuesday, March 4th. DA Davidson raised their price target on Okta from $125.00 to $145.00 and gave the stock a "buy" rating in a research report on Thursday. Citigroup boosted their price objective on shares of Okta from $100.00 to $110.00 and gave the company a "neutral" rating in a research report on Tuesday, March 4th. Cantor Fitzgerald started coverage on shares of Okta in a report on Monday, March 31st. They issued an "overweight" rating and a $130.00 target price for the company. Finally, Truist Financial upped their price target on shares of Okta from $92.00 to $100.00 and gave the company a "hold" rating in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Okta has a consensus rating of "Moderate Buy" and an average price target of $117.74.

Insider Activity

In other news, Director Jacques Frederic Kerrest sold 130,000 shares of the company's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $105.00, for a total value of $13,650,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Eric Robert Kelleher sold 5,895 shares of the firm's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $113.75, for a total transaction of $670,556.25. Following the transaction, the insider now directly owns 9,828 shares of the company's stock, valued at approximately $1,117,935. This trade represents a 37.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 154,452 shares of company stock valued at $16,347,360 over the last ninety days. 5.68% of the stock is currently owned by insiders.

Okta Stock Performance

Okta stock traded up $2.91 during mid-day trading on Friday, reaching $127.30. 3,024,299 shares of the company traded hands, compared to its average volume of 2,782,041. The firm's fifty day moving average is $108.15 and its two-hundred day moving average is $94.00. The company has a market capitalization of $22.10 billion, a price-to-earnings ratio of -363.71, a price-to-earnings-growth ratio of 6.42 and a beta of 0.96. Okta, Inc. has a fifty-two week low of $70.56 and a fifty-two week high of $127.57. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34.

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.