Congress Wealth Management LLC DE Decreases Stake in Okta, Inc. (NASDAQ:OKTA)

Congress Wealth Management LLC DE cut its position in Okta, Inc. (NASDAQ:OKTA) by 8.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,798 shares of the company’s stock after selling 249 shares during the period. Congress Wealth Management LLC DE’s holdings in Okta were worth $216,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its stake in Okta by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company’s stock worth $87,903,000 after purchasing an additional 46,064 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Okta during the 3rd quarter worth approximately $49,373,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Okta by 58.8% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 568,797 shares of the company’s stock valued at $44,821,000 after buying an additional 210,615 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Okta by 138.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 554,633 shares of the company’s stock valued at $43,721,000 after buying an additional 322,201 shares during the last quarter. Finally, Stephens Investment Management Group LLC raised its stake in Okta by 10.3% during the 4th quarter. Stephens Investment Management Group LLC now owns 452,307 shares of the company’s stock worth $35,642,000 after acquiring an additional 42,176 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Okta Stock Performance

Shares of OKTA stock opened at $107.99 on Monday. The stock has a fifty day moving average price of $100.33 and a 200 day moving average price of $85.87. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a market cap of $18.75 billion, a PE ratio of -308.54, a P/E/G ratio of 6.42 and a beta of 1.09. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $118.07.

Analyst Ratings Changes

OKTA has been the subject of several research analyst reports. Guggenheim restated a “buy” rating and issued a $130.00 price objective on shares of Okta in a research note on Wednesday, December 4th. Citigroup raised their price target on Okta from $100.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 4th. Barclays boosted their price objective on Okta from $105.00 to $115.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 4th. The Goldman Sachs Group raised their target price on shares of Okta from $107.00 to $123.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. Finally, Canaccord Genuity Group upped their price target on shares of Okta from $94.00 to $100.00 and gave the company a “hold” rating in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.29.

Insider Activity

In other news, Director Jacques Frederic Kerrest sold 3,306 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $88.85, for a total value of $293,738.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Larissa Schwartz sold 11,552 shares of Okta stock in a transaction that occurred on Wednesday, March 19th. The stock was 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 of the company’s stock, valued at $2,524,241.25. This represents a 34.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 761,197 shares of company stock worth $70,662,533 over the last 90 days. 7.00% of the stock is currently owned by corporate insiders.

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.