Two Star Manager LLC Buys Shares of 96,300 Okta, Inc. (NASDAQ:OKTA)

Two Star Manager LLC purchased a new stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 96,300 shares of the company's stock, valued at approximately $7,588,000. Okta comprises approximately 3.5% of Two Star Manager LLC's holdings, making the stock its 14th largest holding. Two Star Manager LLC owned 0.06% of Okta as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Bank of Jackson Hole Trust bought a new stake in shares of Okta during the 4th quarter worth about $25,000. TD Private Client Wealth LLC increased its stake in shares of Okta by 3,507.7% during 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 during the period. Brown Brothers Harriman & Co. bought a new stake in Okta during the fourth quarter worth approximately $43,000. Wingate Wealth Advisors Inc. bought a new stake in Okta during the fourth quarter worth approximately $44,000. Finally, Smartleaf Asset Management LLC lifted its position in Okta by 40.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 732 shares of the company's stock worth $58,000 after purchasing an additional 210 shares during the period. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently issued reports on OKTA shares. DA Davidson lifted their price target on Okta from $125.00 to $145.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Truist Financial lifted their target price on Okta from $92.00 to $100.00 and gave the stock a "hold" rating in a report on Tuesday, March 4th. Robert W. Baird boosted their price target on shares of Okta from $115.00 to $130.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. UBS Group restated a "buy" rating and set a $150.00 price objective (up previously from $120.00) on shares of Okta in a research report on Thursday. Finally, Cantor Fitzgerald assumed coverage on shares of Okta in a report on Monday, March 31st. They issued an "overweight" rating and a $130.00 target price on the stock. 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 issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $120.17.

Okta Stock Up 0.1%

NASDAQ OKTA traded up $0.06 on Friday, reaching $123.97. The stock had a trading volume of 747,283 shares, compared to its average volume of 2,788,474. The company has a current ratio of 1.34, a quick 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 $127.57. The business has a 50 day moving average price of $109.24 and a 200 day moving average price of $95.28. The company has a market capitalization of $21.52 billion, a price-to-earnings ratio of -353.96, a P/E/G ratio of 6.42 and a beta of 0.96.

Insider Buying and Selling

In other news, insider Eric Robert Kelleher sold 5,895 shares of the company's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $113.75, for a total transaction of $670,556.25. Following the completion of the sale, the insider now owns 9,828 shares in the company, valued at approximately $1,117,935. This represents a 37.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Larissa Schwartz sold 11,552 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $114.09, for a total value of $1,317,967.68. Following the transaction, the insider now owns 22,125 shares in the company, valued at approximately $2,524,241.25. This trade represents a 34.30% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 154,452 shares of company stock worth $16,347,360. Insiders own 5.68% of the company's stock.

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.