Whale Rock Capital Management LLC Has $64.12 Million Stake in Okta, Inc. (NASDAQ:OKTA)

Whale Rock Capital Management LLC cut its holdings in Okta, Inc. (NASDAQ:OKTA - Free Report) by 62.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 813,701 shares of the company's stock after selling 1,368,718 shares during the quarter. Whale Rock Capital Management LLC owned about 0.47% of Okta worth $64,120,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Marshall Wace LLP raised its holdings in Okta by 35.5% in the fourth quarter. Marshall Wace LLP now owns 3,583,937 shares of the company's stock worth $282,414,000 after purchasing an additional 938,509 shares during the period. Norges Bank acquired a new stake in Okta in the fourth quarter worth $234,992,000. Geode Capital Management LLC raised its holdings in Okta by 5.3% in the fourth quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company's stock worth $212,385,000 after purchasing an additional 135,110 shares during the period. Point72 Asset Management L.P. raised its holdings in Okta by 236.8% in the fourth quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company's stock worth $176,271,000 after purchasing an additional 1,572,786 shares during the period. Finally, Ameriprise Financial Inc. raised its holdings in Okta by 2,135.7% in the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company's stock worth $150,845,000 after purchasing an additional 1,828,630 shares during the period. 86.64% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Mizuho increased their target price on shares of Okta from $127.00 to $135.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. BMO Capital Markets raised their price objective on shares of Okta from $130.00 to $135.00 and gave the stock a "market perform" rating in a report on Wednesday, May 14th. Stephens started coverage on shares of Okta in a report on Tuesday, April 1st. They set an "equal weight" rating and a $127.00 price objective on the stock. Wells Fargo & Company raised their price objective on shares of Okta from $95.00 to $100.00 and gave the stock an "equal weight" rating in a report on Tuesday, March 4th. Finally, Canaccord Genuity Group raised their price objective on shares of Okta from $94.00 to $100.00 and gave the stock a "hold" rating in a report on Tuesday, March 4th. One equities 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 assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $120.17.

Okta Stock Performance

Shares of OKTA traded down $0.19 during midday trading on Friday, reaching $123.72. The stock had a trading volume of 1,919,320 shares, compared to its average volume of 2,802,925. The firm has a 50 day simple moving average of $109.45 and a 200-day simple moving average of $95.75. Okta, Inc. has a one year low of $70.56 and a one year high of $127.57. The firm has a market cap of $21.48 billion, a PE ratio of -353.49, a P/E/G ratio of 6.42 and a beta of 0.96. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insider Activity

In related news, insider Larissa Schwartz sold 11,552 shares of Okta stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $114.09, for a total transaction of $1,317,967.68. Following the completion of the sale, the insider now owns 22,125 shares of the company's stock, valued at approximately $2,524,241.25. The trade was a 34.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CRO Jonathan James Addison sold 7,005 shares of Okta stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $101.19, for a total transaction of $708,835.95. Following the sale, the executive now directly owns 19,067 shares of the company's stock, valued at $1,929,389.73. The trade was a 26.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 154,452 shares of company stock valued at $16,347,360 in the last quarter. Company 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.