TrueMark Investments LLC Reduces Stake in Okta, Inc. (NASDAQ:OKTA)

TrueMark Investments LLC reduced its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 7.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 8,737 shares of the company’s stock after selling 713 shares during the period. TrueMark Investments LLC’s holdings in Okta were worth $688,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its position in Okta by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock worth $79,503,000 after buying an additional 17,950 shares during the last quarter. Eagle Asset Management Inc. grew its stake in shares of Okta by 21.6% during the 3rd quarter. Eagle Asset Management Inc. now owns 20,784 shares of the company’s stock worth $1,595,000 after acquiring an additional 3,685 shares during the period. Cerity Partners LLC raised its stake in Okta by 211.4% in the 3rd quarter. Cerity Partners LLC now owns 54,412 shares of the company’s stock valued at $4,045,000 after acquiring an additional 36,936 shares during the period. Swedbank AB lifted its holdings in Okta by 0.8% during the third quarter. Swedbank AB now owns 80,011 shares of the company’s stock valued at $5,948,000 after purchasing an additional 609 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd boosted its position in Okta by 478.1% during the third quarter. Dynamic Technology Lab Private Ltd now owns 27,215 shares of the company’s stock worth $2,023,000 after purchasing an additional 22,507 shares during the period. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on OKTA shares. Wells Fargo & Company boosted their price target on shares of Okta from $95.00 to $100.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 4th. Barclays increased their target price on Okta from $105.00 to $115.00 and gave the stock an “equal weight” rating in a research report on Tuesday, March 4th. Robert W. Baird boosted their price objective on Okta from $115.00 to $130.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. Oppenheimer raised their target price on Okta from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. Finally, JPMorgan Chase & Co. upped their price target on Okta from $100.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, February 28th. One research 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. According to data from MarketBeat, Okta currently has an average rating of “Moderate Buy” and a consensus target price of $115.29.

Okta Stock Performance

Okta stock opened at $116.72 on Wednesday. The firm has a fifty day simple moving average of $98.81 and a two-hundred day simple moving average of $85.04. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $118.07. The company has a market capitalization of $20.26 billion, a PE ratio of -333.49, a P/E/G ratio of 6.42 and a beta of 1.09. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insider Activity

In related news, Director Jacques Frederic Kerrest sold 390,000 shares of Okta stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $87.09, for a total value of $33,965,100.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Larissa Schwartz sold 11,552 shares of the stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $114.09, for a total transaction of $1,317,967.68. Following the sale, the insider now directly owns 22,125 shares of the company’s stock, valued at $2,524,241.25. The trade was a 34.30 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 763,901 shares of company stock valued at $70,880,205. Insiders own 7.00% of the company’s stock.

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.