Harbor Capital Advisors Inc. Decreases Holdings in Okta, Inc. (NASDAQ:OKTA)

Harbor Capital Advisors Inc. lowered its stake in Okta, Inc. (NASDAQ:OKTA) by 38.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,344 shares of the company’s stock after selling 2,687 shares during the period. Harbor Capital Advisors Inc.’s holdings in Okta were worth $342,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in OKTA. Paloma Partners Management Co bought a new position in shares of Okta during the 3rd quarter valued at approximately $969,000. SG Americas Securities LLC raised its stake in shares of Okta by 122.3% in the third quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock valued at $1,265,000 after acquiring an additional 9,364 shares during the period. Truist Financial Corp lifted its holdings in shares of Okta by 62.5% in the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after acquiring an additional 200,770 shares during the last quarter. Stifel Financial Corp boosted its stake in shares of Okta by 56.1% during the 3rd quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock worth $2,770,000 after purchasing an additional 13,387 shares during the period. Finally, Nordea Investment Management AB grew its holdings in Okta by 1,150.2% during the 4th quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock valued at $33,146,000 after purchasing an additional 382,190 shares during the last quarter. 86.64% of the stock is owned by institutional investors.

Okta Stock Performance

Shares of Okta stock opened at $83.07 on Wednesday. The company has a 50 day moving average price of $80.34 and a 200 day moving average price of $82.57. The firm has a market capitalization of $14.23 billion, a P/E ratio of -237.34, a PEG ratio of 8.61 and a beta of 1.00. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta, Inc. has a 52 week low of $70.56 and a 52 week high of $114.50.

Insiders Place Their Bets

In other news, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $80.50, for a total value of $217,672.00. Following the completion of the transaction, the insider now directly owns 24,462 shares in the company, valued at $1,969,191. This trade represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Todd Mckinnon sold 224,533 shares of Okta stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $74.62, for a total value of $16,754,652.46. The disclosure for this sale can be found here. Over the last quarter, insiders sold 594,482 shares of company stock valued at $46,955,865. Insiders own 7.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on OKTA shares. Morgan Stanley upgraded Okta from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $92.00 to $97.00 in a research report on Monday, December 2nd. The Goldman Sachs Group upped their price objective on Okta from $97.00 to $107.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Westpark Capital reissued a “buy” rating and set a $140.00 target price on shares of Okta in a research note on Wednesday, December 4th. DA Davidson upped their price target on shares of Okta from $75.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Okta from a “buy” rating to a “hold” rating and decreased their price objective for the company from $115.00 to $85.00 in a report on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $104.45.

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.