Principal Securities Inc. Raises Stake in Okta, Inc. (NASDAQ:OKTA)

Principal Securities Inc. boosted its stake in Okta, Inc. (NASDAQ:OKTA) by 13.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,686 shares of the company’s stock after purchasing an additional 204 shares during the period. Principal Securities Inc.’s holdings in Okta were worth $133,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in OKTA. Itau Unibanco Holding S.A. bought a new stake in Okta in the third quarter valued at about $25,000. Blue Trust Inc. boosted its stake in Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after acquiring an additional 191 shares during the period. Legacy Investment Solutions LLC bought a new position in shares of Okta during the third quarter valued at approximately $32,000. Modus Advisors LLC bought a new position in shares of Okta during the fourth quarter valued at approximately $44,000. Finally, Wingate Wealth Advisors Inc. acquired a new stake in shares of Okta in the 4th quarter worth about $44,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Okta

In other Okta news, Director Jacques Frederic Kerrest sold 3,306 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $88.85, for a total transaction of $293,738.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $80.50, for a total transaction of $217,672.00. Following the sale, the insider now directly owns 24,462 shares of the company’s stock, valued at approximately $1,969,191. The trade was a 9.95 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 980,908 shares of company stock valued at $85,025,665. 7.00% of the stock is owned by corporate insiders.

Okta Stock Performance

OKTA opened at $89.34 on Wednesday. Okta, Inc. has a 12-month low of $70.56 and a 12-month high of $114.50. The firm has a market capitalization of $15.31 billion, a P/E ratio of -255.26, a price-to-earnings-growth ratio of 6.42 and a beta of 1.03. The stock’s 50 day moving average price is $88.84 and its two-hundred day moving average price is $82.52. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on OKTA shares. Stifel Nicolaus raised their price target on Okta from $108.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Morgan Stanley raised shares of Okta from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $92.00 to $97.00 in a research note on Monday, December 2nd. Susquehanna upped their price target on Okta from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Robert W. Baird lifted their target price on shares of Okta from $105.00 to $115.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 17th. Finally, Wells Fargo & Company increased their price objective on Okta from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $106.13.

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.