New World Advisors LLC Takes Position in Okta, Inc. (NASDAQ:OKTA)

New World Advisors LLC purchased a new stake in Okta, Inc. (NASDAQ:OKTA) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 3,260 shares of the company’s stock, valued at approximately $257,000.

Several other hedge funds also recently made changes to their positions in the stock. Stephens Inc. AR grew its position in shares of Okta by 5.0% in the fourth quarter. Stephens Inc. AR now owns 3,296 shares of the company’s stock valued at $260,000 after purchasing an additional 157 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of 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 in the last quarter. Creative Financial Designs Inc. ADV grew its position in shares of Okta by 12.4% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,704 shares of the company’s stock valued at $127,000 after purchasing an additional 188 shares in the last quarter. Blue Trust Inc. grew its position in shares of Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after purchasing an additional 191 shares in the last quarter. Finally, CHICAGO TRUST Co NA grew its position in shares of Okta by 6.5% in the fourth 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 in the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on OKTA. Susquehanna lifted their price objective on Okta from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Canaccord Genuity Group lifted their price objective on Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. Scotiabank dropped their price objective on Okta from $96.00 to $94.00 and set a “sector perform” rating for the company in a research note on Tuesday, January 21st. Westpark Capital reissued a “buy” rating and set a $140.00 price objective on shares of Okta in a research note on Wednesday, December 4th. Finally, Piper Sandler lifted their price objective on Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $106.13.

Insider Transactions at Okta

In other news, CFO Brett Tighe sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total value of $445,000.00. Following the sale, the chief financial officer now directly owns 112,533 shares of the company’s stock, valued at $10,015,437. The trade was a 4.25 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Larissa Schwartz sold 2,740 shares of the business’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 value of $267,396.60. Following the completion of the sale, the insider now directly owns 22,125 shares in the company, valued at approximately $2,159,178.75. This represents a 11.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 980,908 shares of company stock valued at $85,025,665 in the last ninety days. 7.00% of the stock is currently owned by corporate insiders.

Okta Stock Performance

Shares of OKTA opened at $92.75 on Monday. 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 business’s 50 day moving average price is $88.64 and its 200-day moving average price is $82.51. Okta, Inc. has a 52 week low of $70.56 and a 52 week high of $114.50. The stock has a market cap of $15.89 billion, a P/E ratio of -265.00, a P/E/G ratio of 6.42 and a beta of 1.03.

Okta Company 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.