Federated Hermes Inc. Purchases 88,848 Shares of Okta, Inc. (NASDAQ:OKTA)

Federated Hermes Inc. increased its position in shares of Okta, Inc. (NASDAQ:OKTA) by 1,708.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 94,049 shares of the company’s stock after buying an additional 88,848 shares during the period. Federated Hermes Inc. owned 0.06% of Okta worth $8,804,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. City State Bank boosted its holdings in Okta by 160.0% in the 1st quarter. City State Bank now owns 260 shares of the company’s stock valued at $27,000 after purchasing an additional 160 shares during the period. 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. bought a new stake in Okta in the 2nd quarter valued at $47,000. nVerses Capital LLC bought a new stake in Okta in the 2nd quarter valued at $47,000. Finally, Principal Securities Inc. bought a new stake in Okta in the 4th quarter valued at $48,000. 86.64% of the stock is owned by institutional investors.

Okta Stock Up 0.2 %

Shares of NASDAQ:OKTA opened at $74.21 on Wednesday. Okta, Inc. has a one year low of $65.04 and a one year high of $114.50. The company has a 50 day moving average of $88.92 and a 200-day moving average of $94.45. 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 stock has a market cap of $12.48 billion, a price-to-earnings ratio of -44.44, a P/E/G ratio of 40.71 and a beta of 1.02.

Analyst Ratings Changes

A number of analysts have weighed in on OKTA shares. UBS Group reduced their price target on shares of Okta from $120.00 to $108.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Jefferies Financial Group reduced their price objective on shares of Okta from $110.00 to $100.00 and set a “hold” rating for the company in a report on Thursday, August 29th. The Goldman Sachs Group reduced their price objective on shares of Okta from $130.00 to $113.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Susquehanna reduced their price objective on shares of Okta from $110.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Finally, Stifel Nicolaus reduced their price objective on shares of Okta from $122.00 to $108.00 and set a “buy” rating for the company in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $105.14.

Insider Transactions at Okta

In other news, Director Jacques Frederic Kerrest sold 2,100 shares of Okta stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $95.12, for a total transaction of $199,752.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Larissa Schwartz sold 2,792 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $99.40, for a total transaction of $277,524.80. Following the completion of the transaction, the insider now owns 29,809 shares in the company, valued at $2,963,014.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jacques Frederic Kerrest sold 2,100 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $95.12, for a total transaction of $199,752.00. The disclosure for this sale can be found here. Insiders sold a total of 348,963 shares of company stock worth $32,972,289 in the last quarter. 7.00% of the stock is owned by company insiders.

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.