Summit Trail Advisors LLC Grows Stock Position in Okta, Inc. (NASDAQ:OKTA)

Summit Trail Advisors LLC raised its holdings in Okta, Inc. (NASDAQ:OKTA) by 10.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 51,637 shares of the company’s stock after buying an additional 4,852 shares during the quarter. Summit Trail Advisors LLC’s holdings in Okta were worth $4,675,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Northern Trust Corp increased its holdings in shares of Okta by 3.0% in the third quarter. Northern Trust Corp now owns 944,726 shares of the company’s stock valued at $77,005,000 after purchasing an additional 27,577 shares during the period. RPG Investment Advisory LLC grew its holdings in Okta by 57.2% during the fourth quarter. RPG Investment Advisory LLC now owns 77,269 shares of the company’s stock worth $6,995,000 after acquiring an additional 28,119 shares during the period. Pearl River Capital LLC grew its holdings in Okta by 643.6% during the third quarter. Pearl River Capital LLC now owns 41,982 shares of the company’s stock worth $3,422,000 after acquiring an additional 36,336 shares during the period. Assenagon Asset Management S.A. grew its holdings in Okta by 2,721.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 176,071 shares of the company’s stock worth $15,940,000 after acquiring an additional 169,830 shares during the period. Finally, Aigen Investment Management LP acquired a new stake in Okta in the third quarter valued at approximately $923,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Okta Stock Performance

NASDAQ OKTA traded down $0.26 on Tuesday, hitting $98.99. 249,592 shares of the company’s stock were exchanged, compared to its average volume of 1,853,323. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.67 and a quick ratio of 1.67. The firm’s 50-day moving average price is $100.89 and its two-hundred day moving average price is $86.73. Okta, Inc. has a fifty-two week low of $65.04 and a fifty-two week high of $114.50. The firm has a market cap of $16.57 billion, a price-to-earnings ratio of -45.74 and a beta of 0.98.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, February 28th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.35. Okta had a negative return on equity of 5.69% and a negative net margin of 15.69%. The company had revenue of $605.00 million for the quarter, compared to analysts’ expectations of $586.25 million. On average, research analysts expect that Okta, Inc. will post -1.51 EPS for the current year.

Insider Buying and Selling

In other news, CAO Shibu Ninan sold 2,500 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $90.23, for a total value of $225,575.00. Following the completion of the transaction, the chief accounting officer now directly owns 6,539 shares of the company’s stock, valued at $590,013.97. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CAO Shibu Ninan sold 2,500 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $90.23, for a total transaction of $225,575.00. Following the transaction, the chief accounting officer now directly owns 6,539 shares of the company’s stock, valued at $590,013.97. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Shellye L. Archambeau sold 5,000 shares of the stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $106.96, for a total transaction of $534,800.00. Following the transaction, the director now owns 6,042 shares in the company, valued at $646,252.32. The disclosure for this sale can be found here. Insiders have sold a total of 11,779 shares of company stock worth $1,205,990 in the last quarter. Company insiders own 7.36% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on the company. Oppenheimer raised their price objective on Okta from $110.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday, February 29th. The Goldman Sachs Group raised their target price on Okta from $105.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Truist Financial restated a “hold” rating and issued a $105.00 target price (up previously from $85.00) on shares of Okta in a research report on Thursday, February 29th. Robert W. Baird raised their target price on Okta from $90.00 to $108.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Finally, Evercore ISI lifted their price objective on Okta from $70.00 to $102.00 and gave the stock an “in-line” rating in a research report on Thursday, February 29th. Twenty equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $100.39.

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.