Victory Capital Management Inc. Decreases Holdings in Okta, Inc. (NASDAQ:OKTA)

Victory Capital Management Inc. trimmed its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 50.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,154 shares of the company’s stock after selling 21,814 shares during the period. Victory Capital Management Inc.’s holdings in Okta were worth $1,667,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. lifted its stake in shares of Okta by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company’s stock worth $87,903,000 after buying an additional 46,064 shares in the last quarter. Penserra Capital Management LLC lifted its stake in shares of Okta by 9.8% in the third quarter. Penserra Capital Management LLC now owns 767,962 shares of the company’s stock worth $57,089,000 after buying an additional 68,757 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Okta in the third quarter worth about $49,373,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Okta by 138.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 554,633 shares of the company’s stock worth $43,721,000 after buying an additional 322,201 shares in the last quarter. Finally, Glenmede Trust Co. NA lifted its stake in shares of Okta by 17.6% in the third quarter. Glenmede Trust Co. NA now owns 510,658 shares of the company’s stock worth $37,962,000 after buying an additional 76,588 shares in the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

OKTA has been the topic of several research reports. Oppenheimer raised their price target on shares of Okta from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. DA Davidson upgraded shares of Okta from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $90.00 to $125.00 in a research report on Tuesday, March 4th. Royal Bank of Canada raised their price objective on shares of Okta from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. Needham & Company LLC restated a “buy” rating and set a $115.00 price objective on shares of Okta in a research report on Tuesday, March 4th. Finally, Susquehanna raised their price objective on shares of Okta from $95.00 to $105.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, Okta presently has a consensus rating of “Moderate Buy” and an average price target of $115.29.

Okta Trading Down 2.4 %

NASDAQ OKTA opened at $112.92 on Wednesday. The firm has a 50 day simple moving average of $95.78 and a 200-day simple moving average of $83.66. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta, Inc. has a one year low of $70.56 and a one year high of $116.96. The firm has a market cap of $19.60 billion, a price-to-earnings ratio of -322.63, a PEG ratio of 6.42 and a beta of 1.09.

Insider Buying and Selling

In related news, insider Eric Robert Kelleher sold 5,895 shares of Okta stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $113.75, for a total value of $670,556.25. Following the completion of the transaction, the insider now owns 9,828 shares in the company, valued at $1,117,935. The trade was a 37.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Todd Mckinnon sold 233,028 shares of Okta stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $82.31, for a total transaction of $19,180,534.68. The disclosure for this sale can be found here. Insiders sold 985,377 shares of company stock worth $88,742,772 over the last 90 days. 7.00% of the stock is owned by insiders.

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.