Summit Trail Advisors LLC Lowers Stock Position in Okta, Inc. (NASDAQ:OKTA)

Summit Trail Advisors LLC cut its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 9.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 41,659 shares of the company’s stock after selling 4,381 shares during the period. Summit Trail Advisors LLC’s holdings in Okta were worth $3,900,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. City State Bank raised its holdings in shares of Okta by 160.0% during the first quarter. City State Bank now owns 260 shares of the company’s stock worth $27,000 after purchasing an additional 160 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Okta by 71.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after buying an additional 142 shares during the last quarter. First Command Advisory Services Inc. acquired a new position in shares of Okta in the 2nd quarter valued at about $47,000. nVerses Capital LLC purchased a new stake in shares of Okta in the second quarter worth about $47,000. Finally, Principal Securities Inc. acquired a new stake in Okta during the fourth quarter worth about $48,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

Okta Trading Up 1.0 %

Shares of NASDAQ:OKTA opened at $75.75 on Friday. Okta, Inc. has a 52 week low of $65.04 and a 52 week high of $114.50. The company’s 50 day moving average is $87.37 and its two-hundred day moving average is $93.70. The company has a market cap of $12.87 billion, a PE ratio of -45.36, a P/E/G ratio of 41.00 and a beta of 1.01. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18.

Insider Buying and Selling at Okta

In other Okta news, CEO Todd Mckinnon sold 179,687 shares of the stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $93.42, for a total value of $16,786,359.54. Following the transaction, the chief executive officer now directly owns 47,883 shares in the company, valued at $4,473,229.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Todd Mckinnon sold 179,687 shares of Okta stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $93.42, for a total transaction of $16,786,359.54. Following the sale, the chief executive officer now owns 47,883 shares in the company, valued at $4,473,229.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Larissa Schwartz sold 2,792 shares of Okta stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $99.40, for a total value of $277,524.80. Following the transaction, the insider now directly owns 29,809 shares in the company, valued at approximately $2,963,014.60. The disclosure for this sale can be found here. Insiders have sold a total of 347,411 shares of company stock worth $32,837,280 over the last ninety days. Corporate insiders own 7.00% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Wedbush reaffirmed an “outperform” rating and issued a $130.00 price objective on shares of Okta in a report on Wednesday, May 29th. Westpark Capital reiterated a “buy” rating and set a $140.00 price objective on shares of Okta in a research note on Thursday, August 29th. UBS Group reduced their target price on Okta from $120.00 to $108.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Wells Fargo & Company lowered their price target on Okta from $100.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. Finally, Robert W. Baird reduced their price objective on Okta from $108.00 to $105.00 and set an “outperform” rating for the company in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Okta presently has an average rating of “Hold” and a consensus target price of $105.14.

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.