ArrowMark Colorado Holdings LLC Cuts Stock Position in Okta, Inc. (NASDAQ:OKTA)

ArrowMark Colorado Holdings LLC decreased its stake in Okta, Inc. (NASDAQ:OKTA) by 2.6% during the 3rd quarter, Holdings Channel reports. The firm owned 1,568,736 shares of the company’s stock after selling 41,301 shares during the quarter. Okta makes up approximately 1.5% of ArrowMark Colorado Holdings LLC’s investment portfolio, making the stock its 16th largest position. ArrowMark Colorado Holdings LLC’s holdings in Okta were worth $116,620,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Price T Rowe Associates Inc. MD boosted its stake in shares of Okta by 5.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 101,079 shares of the company’s stock worth $10,575,000 after acquiring an additional 4,823 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of Okta by 15.7% during the first quarter. Tidal Investments LLC now owns 5,405 shares of the company’s stock worth $565,000 after buying an additional 734 shares in the last quarter. Cetera Investment Advisers raised its position in shares of Okta by 87.4% in the first quarter. Cetera Investment Advisers now owns 17,265 shares of the company’s stock valued at $1,806,000 after buying an additional 8,051 shares during the last quarter. Cetera Advisors LLC purchased a new position in shares of Okta in the first quarter worth about $946,000. Finally, EverSource Wealth Advisors LLC grew its stake in 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 acquiring an additional 142 shares in the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on OKTA shares. Needham & Company LLC started coverage on Okta in a report on Thursday, October 17th. They set a “buy” rating and a $100.00 target price on the stock. Morgan Stanley lowered their price objective on Okta from $100.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, November 4th. Truist Financial dropped their price objective on shares of Okta from $95.00 to $80.00 and set a “hold” rating for the company in a report on Thursday, October 17th. Bank of America cut shares of Okta from a “buy” rating to an “underperform” rating and dropped their price target for the company from $135.00 to $75.00 in a research note on Thursday, August 29th. Finally, Jefferies Financial Group reduced their price target on shares of Okta from $100.00 to $85.00 and set a “hold” rating on the stock in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $98.45.

Insiders Place Their Bets

In related news, insider Larissa Schwartz sold 2,791 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $71.50, for a total value of $199,556.50. Following the sale, the insider now directly owns 22,125 shares in the company, valued at $1,581,937.50. The trade was a 11.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CRO Jonathan James Addison sold 9,850 shares of the company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $764,655.50. Following the completion of the transaction, the executive now directly owns 14,601 shares in the company, valued at $1,133,475.63. This represents a 40.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 475,789 shares of company stock worth $35,701,361 over the last ninety days. Company insiders own 7.00% of the company’s stock.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $77.56 on Monday. Okta, Inc. has a 52 week low of $66.69 and a 52 week high of $114.50. The firm has a market capitalization of $13.17 billion, a P/E ratio of -92.33, a PEG ratio of 18.99 and a beta of 1.02. The firm’s 50 day moving average is $74.94 and its two-hundred day moving average is $84.67. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18.

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.