NewEdge Advisors LLC Sells 3,364 Shares of Okta, Inc. (NASDAQ:OKTA)

NewEdge Advisors LLC trimmed its position in Okta, Inc. (NASDAQ:OKTA - Free Report) by 85.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 580 shares of the company's stock after selling 3,364 shares during the period. NewEdge Advisors LLC's holdings in Okta were worth $46,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Jump Financial LLC increased its position in Okta by 277.3% in the fourth quarter. Jump Financial LLC now owns 42,668 shares of the company's stock worth $3,362,000 after purchasing an additional 31,358 shares during the period. Bridgewater Associates LP acquired a new stake in shares of Okta during the 4th quarter worth approximately $357,000. Guggenheim Capital LLC boosted its stake in Okta by 54.9% in the fourth quarter. Guggenheim Capital LLC now owns 9,217 shares of the company's stock valued at $726,000 after acquiring an additional 3,267 shares during the last quarter. XTX Topco Ltd acquired a new stake in Okta during the 4th quarter worth $327,000. Finally, Belpointe Asset Management LLC bought a new stake in shares of Okta during the 4th quarter valued at $915,000. 86.64% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Okta

In related news, Director Jacques Frederic Kerrest sold 65,000 shares of the company's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $97.50, for a total value of $6,337,500.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 2,740 shares of the firm's stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $97.59, for a total transaction of $267,396.60. Following the sale, the insider now owns 22,125 shares of the company's stock, valued at $2,159,178.75. This trade represents a 11.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 222,192 shares of company stock worth $22,952,256. 7.00% of the stock is owned by company insiders.

Okta Trading Up 0.9 %

Shares of NASDAQ:OKTA opened at $112.90 on Friday. The company has a 50-day simple moving average of $104.20 and a 200 day simple moving average of $90.66. The company has a market capitalization of $19.60 billion, a P/E ratio of -322.57, a price-to-earnings-growth ratio of 6.42 and a beta of 0.96. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta, Inc. has a 52-week low of $70.56 and a 52-week high of $118.07.

Analysts Set New Price Targets

Several research analysts have recently issued reports on OKTA shares. Mizuho upgraded Okta from a "neutral" rating to an "outperform" rating and raised their price target for the stock from $110.00 to $127.00 in a research report on Tuesday, March 4th. Cantor Fitzgerald initiated coverage on Okta in a research note on Monday, March 31st. They issued an "overweight" rating and a $130.00 price target for the company. JPMorgan Chase & Co. lifted their price objective on shares of Okta from $100.00 to $105.00 and gave the stock an "overweight" rating in a research note on Friday, February 28th. Morgan Stanley decreased their price objective on shares of Okta from $125.00 to $123.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, Canaccord Genuity Group lifted their price target on shares of Okta from $94.00 to $100.00 and gave the stock a "hold" rating in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Okta presently has a consensus rating of "Moderate Buy" and an average price target of $116.12.

Okta 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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