Flagship Harbor Advisors LLC Cuts Stock Position in Okta, Inc. (NASDAQ:OKTA)

Flagship Harbor Advisors LLC lessened its stake in Okta, Inc. (NASDAQ:OKTA) by 37.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 3,504 shares of the company’s stock after selling 2,121 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Okta were worth $276,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC grew its stake in Okta by 2.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,135 shares of the company’s stock valued at $605,000 after purchasing an additional 180 shares during the last quarter. Bleakley Financial Group LLC grew its stake in shares of Okta by 4.6% during the third quarter. Bleakley Financial Group LLC now owns 4,114 shares of the company’s stock worth $306,000 after acquiring an additional 182 shares during the last quarter. Creative Financial Designs Inc. ADV grew its stake in shares of Okta by 12.4% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,704 shares of the company’s stock worth $127,000 after acquiring an additional 188 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Okta by 105.5% during the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after acquiring an additional 191 shares during the last quarter. Finally, CHICAGO TRUST Co NA grew its stake in shares of Okta by 6.5% during the fourth quarter. CHICAGO TRUST Co NA now owns 3,120 shares of the company’s stock worth $246,000 after acquiring an additional 191 shares during the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on OKTA. BTIG Research boosted their price target on Okta from $98.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Citigroup boosted their price target on Okta from $95.00 to $100.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Susquehanna boosted their price target on Okta from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. raised Okta from a “neutral” rating to an “overweight” rating and set a $100.00 target price for the company in a report on Monday, December 16th. Finally, Canaccord Genuity Group lifted their target price on Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, Okta has an average rating of “Hold” and an average target price of $104.55.

Insider Activity

In other news, CFO Brett Tighe sold 5,000 shares of Okta stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $87.29, for a total value of $436,450.00. Following the completion of the sale, the chief financial officer now owns 107,533 shares of the company’s stock, valued at $9,386,555.57. The trade was a 4.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Larissa Schwartz sold 2,791 shares of Okta stock in a transaction on Monday, November 4th. The shares were sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the sale, the insider now directly owns 22,125 shares of the company’s stock, valued at approximately $1,581,937.50. This represents a 11.20 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 775,959 shares of company stock worth $65,583,725. 7.00% of the stock is currently owned by insiders.

Okta Price Performance

OKTA stock opened at $94.00 on Thursday. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a market capitalization of $16.11 billion, a P/E ratio of -268.57, a P/E/G ratio of 8.95 and a beta of 1.00. The business’s 50-day moving average is $83.35 and its two-hundred day moving average is $82.15. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $114.50.

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.