Connective Portfolio Management LLC Acquires New Position in Okta, Inc. (NASDAQ:OKTA)

Connective Portfolio Management LLC bought a new position in Okta, Inc. (NASDAQ:OKTA) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,000 shares of the company’s stock, valued at approximately $473,000.

A number of other large investors have also recently bought and sold shares of OKTA. Wealth Enhancement Advisory Services LLC increased its position in Okta by 2.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,135 shares of the company’s stock worth $605,000 after buying an additional 180 shares during the period. Bleakley Financial Group LLC grew its position 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 increased its holdings in shares of Okta by 12.4% in the 3rd 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 period. Blue Trust Inc. lifted its position in Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after purchasing an additional 191 shares during the last quarter. Finally, CHICAGO TRUST Co NA boosted its stake in Okta by 6.5% during the 4th quarter. CHICAGO TRUST Co NA now owns 3,120 shares of the company’s stock valued at $246,000 after purchasing an additional 191 shares during the period. Institutional investors own 86.64% of the company’s stock.

Okta Stock Performance

NASDAQ:OKTA opened at $84.20 on Thursday. Okta, Inc. has a fifty-two week low of $70.56 and a fifty-two week high of $114.50. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The stock’s 50-day moving average is $80.52 and its two-hundred day moving average is $82.50.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $101.00 price target on shares of Okta in a research note on Wednesday, December 4th. Mizuho cut their target price on Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a research note on Thursday, October 17th. Wells Fargo & Company boosted their price target on Okta from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Piper Sandler raised their price target on Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Finally, Morgan Stanley raised shares of Okta from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $92.00 to $97.00 in a report on Monday, December 2nd. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $104.45.

Insider Buying and Selling

In related news, CEO Todd Mckinnon sold 224,533 shares of Okta stock in a transaction on Friday, October 18th. The stock was sold at an average price of $74.62, for a total transaction of $16,754,652.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Larissa Schwartz sold 2,791 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the transaction, the insider now directly owns 22,125 shares in the company, valued at approximately $1,581,937.50. The trade was a 11.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 594,482 shares of company stock worth $46,955,865. 7.00% of the stock is owned by company 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.