PNC Financial Services Group Inc. Buys 437 Shares of Okta, Inc. (NASDAQ:OKTA)

PNC Financial Services Group Inc. raised its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 7.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,362 shares of the company’s stock after buying an additional 437 shares during the period. PNC Financial Services Group Inc.’s holdings in Okta were worth $501,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of OKTA. Itau Unibanco Holding S.A. bought a new position in Okta during the third quarter valued at about $25,000. Bank of Jackson Hole Trust bought a new position in Okta during the fourth quarter valued at about $25,000. Legacy Investment Solutions LLC bought a new position in Okta during the third quarter valued at about $32,000. Modus Advisors LLC bought a new position in Okta during the fourth quarter valued at about $44,000. Finally, Wingate Wealth Advisors Inc. bought a new position in Okta during the fourth quarter valued at about $44,000. 86.64% of the stock is currently owned by institutional investors.

Okta Stock Performance

NASDAQ:OKTA opened at $114.08 on Thursday. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $116.96. The firm has a 50 day moving average of $96.35 and a 200-day moving average of $83.87. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $19.80 billion, a P/E ratio of -325.94, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09.

Insider Activity

In other 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 approximately $1,117,935. The trade was a 37.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Todd Mckinnon sold 233,028 shares of the business’s 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. Over the last 90 days, insiders sold 985,377 shares of company stock worth $88,742,772. Insiders own 7.00% of the company’s stock.

Analyst Upgrades and Downgrades

OKTA has been the topic of a number of recent analyst reports. DA Davidson upgraded Okta from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $90.00 to $125.00 in a research note on Tuesday, March 4th. Jefferies Financial Group lifted their price objective on Okta from $90.00 to $110.00 and gave the stock a “hold” rating in a research note on Tuesday, March 4th. Sanford C. Bernstein dropped their price objective on Okta from $129.00 to $124.00 and set an “outperform” rating on the stock in a research note on Tuesday, December 17th. UBS Group set a $135.00 price objective on Okta in a research note on Tuesday, March 4th. Finally, Canaccord Genuity Group lifted their price objective on Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.29.

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.