Cerity Partners LLC Grows Position in Okta, Inc. (NASDAQ:OKTA)

Cerity Partners LLC lifted its position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 6,192.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,172,223 shares of the company's stock after buying an additional 3,121,809 shares during the quarter. Cerity Partners LLC owned approximately 1.92% of Okta worth $287,181,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. MetLife Investment Management LLC bought a new position in shares of Okta during the first quarter valued at approximately $1,232,000. APG Asset Management N.V. grew its stake in Okta by 37.3% in the first quarter. APG Asset Management N.V. now owns 7,000 shares of the company's stock valued at $950,000 after purchasing an additional 1,900 shares during the last quarter. Raymond James Trust N.A. lifted its position in shares of Okta by 33.7% during the first quarter. Raymond James Trust N.A. now owns 2,307 shares of the company's stock valued at $349,000 after buying an additional 581 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in Okta by 3.7% during the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 22,788 shares of the company's stock valued at $3,440,000 after acquiring an additional 808 shares during the last quarter. Finally, Cibc World Market Inc. lifted its holdings in shares of Okta by 7.9% during the 1st quarter. Cibc World Market Inc. now owns 3,297 shares of the company's stock valued at $498,000 after purchasing an additional 240 shares during the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on OKTA. Citigroup raised their price target on Okta from $75.00 to $85.00 and gave the stock a "neutral" rating in a report on Wednesday, January 10th. Piper Sandler raised their price objective on Okta from $85.00 to $110.00 and gave the stock a "neutral" rating in a research note on Thursday, February 29th. Bank of America upgraded shares of Okta from an "underperform" rating to a "buy" rating and increased their price target for the stock from $64.00 to $135.00 in a report on Thursday, February 29th. Jefferies Financial Group restated a "hold" rating and set a $95.00 price objective (up from $85.00) on shares of Okta in a research note on Friday, January 5th. Finally, Susquehanna upped their price objective on shares of Okta from $70.00 to $115.00 and gave the company a "neutral" rating in a report on Monday, March 4th. Twenty equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $100.39.

Insider Activity at Okta

In other Okta news, CAO Shibu Ninan sold 2,500 shares of the firm's stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $90.23, for a total value of $225,575.00. Following the completion of the transaction, the chief accounting officer now owns 6,539 shares of the company's stock, valued at approximately $590,013.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Shellye L. Archambeau sold 5,000 shares of the business's stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $106.96, for a total transaction of $534,800.00. Following the completion of the transaction, the director now directly owns 6,042 shares of the company's stock, valued at $646,252.32. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Shibu Ninan sold 2,500 shares of the firm's stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $90.23, for a total transaction of $225,575.00. Following the completion of the sale, the chief accounting officer now directly owns 6,539 shares in the company, valued at approximately $590,013.97. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,651 shares of company stock worth $1,278,218. Corporate insiders own 7.36% of the company's stock.

Okta Trading Up 1.4 %

Okta stock traded up $1.35 during trading on Thursday, reaching $100.80. 965,085 shares of the company were exchanged, compared to its average volume of 2,053,857. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.67 and a quick ratio of 1.67. Okta, Inc. has a 52-week low of $65.04 and a 52-week high of $114.50. The stock's 50 day simple moving average is $97.67 and its two-hundred day simple moving average is $85.26. The company has a market capitalization of $16.87 billion, a P/E ratio of -46.45 and a beta of 1.00.

Okta (NASDAQ:OKTA - Get Free Report) last issued its quarterly earnings data on Wednesday, February 28th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.49) by $0.35. Okta had a negative return on equity of 5.69% and a negative net margin of 15.69%. The firm had revenue of $605.00 million during the quarter, compared to the consensus estimate of $586.25 million. On average, equities research analysts expect that Okta, Inc. will post -1.51 earnings per share for the current fiscal year.

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.