Ethic Inc. Lowers Holdings in Okta, Inc. (NASDAQ:OKTA)

Ethic Inc. lowered its holdings in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 22.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,785 shares of the company's stock after selling 2,606 shares during the quarter. Ethic Inc.'s holdings in Okta were worth $692,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. SBI Securities Co. Ltd. bought a new position in Okta in the 4th quarter worth approximately $1,686,000. Charles Schwab Investment Management Inc. grew its stake in Okta by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company's stock valued at $87,903,000 after acquiring an additional 46,064 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in Okta by 46.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,833 shares of the company's stock valued at $854,000 after acquiring an additional 3,429 shares during the last quarter. Westpac Banking Corp lifted its stake in Okta by 2,574.9% in the 4th quarter. Westpac Banking Corp now owns 9,817 shares of the company's stock worth $774,000 after purchasing an additional 9,450 shares in the last quarter. Finally, Forsta AP Fonden lifted its stake in Okta by 40.5% in the 4th quarter. Forsta AP Fonden now owns 73,900 shares of the company's stock worth $5,823,000 after purchasing an additional 21,300 shares in the last quarter. Hedge funds and other institutional investors own 86.64% of the company's stock.

Okta Price Performance

OKTA stock opened at $123.34 on Thursday. Okta, Inc. has a 52-week low of $70.56 and a 52-week high of $125.34. 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 stock has a market cap of $21.41 billion, a price-to-earnings ratio of -352.40, a price-to-earnings-growth ratio of 6.42 and a beta of 0.96. The business has a fifty day moving average of $107.36 and a two-hundred day moving average of $93.13.

Insider Transactions at Okta

In other Okta news, CRO Jonathan James Addison sold 7,005 shares of the company'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 transaction, the executive now owns 19,067 shares of the company's stock, valued at $1,929,389.73. This represents a 26.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Jacques Frederic Kerrest sold 130,000 shares of Okta stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $105.00, for a total transaction of $13,650,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 154,452 shares of company stock worth $16,347,360. 7.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Robert W. Baird raised their price objective on Okta from $115.00 to $130.00 and gave the company an "outperform" rating in a research report on Tuesday, March 4th. Cantor Fitzgerald assumed coverage on Okta in a research note on Monday, March 31st. They set an "overweight" rating and a $130.00 price target for the company. UBS Group set a $135.00 price objective on Okta in a research note on Tuesday, March 4th. Susquehanna upped their price objective on Okta from $95.00 to $105.00 and gave the stock a "neutral" rating in a report on Tuesday, March 4th. Finally, The Goldman Sachs Group increased their target price on Okta from $107.00 to $123.00 and gave the company a "buy" rating in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $116.94.

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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