CIBC Asset Management Inc Purchases 498 Shares of Okta, Inc. (NASDAQ:OKTA)

CIBC Asset Management Inc raised its holdings in Okta, Inc. (NASDAQ:OKTA) by 10.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,362 shares of the company’s stock after purchasing an additional 498 shares during the quarter. CIBC Asset Management Inc’s holdings in Okta were worth $502,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in the stock. City State Bank lifted its holdings in shares of Okta by 160.0% in the first quarter. City State Bank now owns 260 shares of the company’s stock worth $27,000 after buying an additional 160 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Okta by 71.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after purchasing an additional 142 shares during the period. First Command Advisory Services Inc. purchased a new position in shares of Okta during the 2nd quarter valued at $47,000. nVerses Capital LLC bought a new position in shares of Okta in the second quarter worth $47,000. Finally, Principal Securities Inc. purchased a new stake in shares of Okta in the fourth quarter worth $48,000. Institutional investors own 86.64% of the company’s stock.

Insider Buying and Selling

In related news, Director Jacques Frederic Kerrest sold 26,618 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $100.29, for a total transaction of $2,669,519.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Jacques Frederic Kerrest sold 26,618 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $100.29, for a total transaction of $2,669,519.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Todd Mckinnon sold 179,687 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $93.42, for a total value of $16,786,359.54. Following the sale, the chief executive officer now directly owns 47,883 shares in the company, valued at approximately $4,473,229.86. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 365,051 shares of company stock worth $34,411,773. 7.00% of the stock is owned by company insiders.

Okta Trading Down 3.0 %

Shares of OKTA opened at $72.45 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The firm has a 50 day simple moving average of $91.58 and a 200-day simple moving average of $95.03. The stock has a market cap of $12.19 billion, a price-to-earnings ratio of -43.38 and a beta of 1.02. Okta, Inc. has a 1-year low of $65.04 and a 1-year high of $114.50.

Analyst Ratings Changes

OKTA has been the subject of several recent analyst reports. Truist Financial restated a “hold” rating and set a $95.00 target price (down from $105.00) on shares of Okta in a research report on Thursday, August 29th. Wedbush restated an “outperform” rating and issued a $130.00 price objective on shares of Okta in a research report on Wednesday, May 29th. Evercore ISI upgraded shares of Okta from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $102.00 to $122.00 in a research report on Thursday, May 30th. Needham & Company LLC reissued a “buy” rating and issued a $130.00 price target on shares of Okta in a research note on Thursday, August 29th. Finally, Susquehanna lowered their price objective on shares of Okta from $110.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $105.14.

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.