Envestnet Asset Management Inc. Has $30.45 Million Holdings in Okta, Inc. (NASDAQ:OKTA)

Envestnet Asset Management Inc. raised its position in Okta, Inc. (NASDAQ:OKTA) by 52.1% in the second quarter, HoldingsChannel reports. The fund owned 325,302 shares of the company’s stock after purchasing an additional 111,415 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Okta were worth $30,452,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Okta by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 15,719,619 shares of the company’s stock valued at $1,423,097,000 after acquiring an additional 438,496 shares during the period. B. Riley Wealth Advisors Inc. grew its stake in Okta by 19.5% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 3,405 shares of the company’s stock valued at $308,000 after acquiring an additional 556 shares during the period. Los Angeles Capital Management LLC grew its stake in Okta by 282.5% in the first quarter. Los Angeles Capital Management LLC now owns 248,658 shares of the company’s stock valued at $26,015,000 after acquiring an additional 183,643 shares during the period. Principal Financial Group Inc. grew its stake in Okta by 28.6% in the first quarter. Principal Financial Group Inc. now owns 13,144 shares of the company’s stock valued at $1,375,000 after acquiring an additional 2,925 shares during the period. Finally, SG Americas Securities LLC grew its stake in Okta by 639.6% in the first quarter. SG Americas Securities LLC now owns 70,895 shares of the company’s stock valued at $7,417,000 after acquiring an additional 61,309 shares during the period. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta Stock Performance

Shares of OKTA opened at $75.75 on Friday. The firm has a market cap of $12.74 billion, a PE ratio of -45.36, a PEG ratio of 40.71 and a beta of 1.02. The stock’s fifty day moving average price is $87.77 and its two-hundred day moving average price is $93.94. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. Okta, Inc. has a 1 year low of $65.04 and a 1 year high of $114.50.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 179,687 shares of the firm’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $93.42, for a total value of $16,786,359.54. Following the completion of the transaction, the chief executive officer now owns 47,883 shares in the company, valued at approximately $4,473,229.86. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Larissa Schwartz sold 2,792 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $99.40, for a total transaction of $277,524.80. Following the sale, the insider now owns 29,809 shares of the company’s stock, valued at approximately $2,963,014.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Todd Mckinnon sold 179,687 shares of the firm’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $93.42, for a total transaction of $16,786,359.54. Following the completion of the transaction, the chief executive officer now directly owns 47,883 shares of the company’s stock, valued at $4,473,229.86. The disclosure for this sale can be found here. In the last three months, insiders have sold 347,411 shares of company stock worth $32,837,280. 7.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on OKTA. Royal Bank of Canada reaffirmed an “outperform” rating and set a $125.00 target price on shares of Okta in a research report on Thursday, August 29th. BMO Capital Markets lifted their target price on Okta from $100.00 to $103.00 and gave the company a “market perform” rating in a research report on Thursday, August 29th. Truist Financial reaffirmed a “hold” rating and set a $95.00 target price (down previously from $105.00) on shares of Okta in a research report on Thursday, August 29th. Guggenheim reaffirmed a “buy” rating and set a $130.00 target price on shares of Okta in a research report on Tuesday, June 25th. Finally, Bank of America cut Okta from a “buy” rating to an “underperform” rating and cut their target price for the company from $135.00 to $75.00 in a research report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Okta presently has an average rating of “Hold” and a consensus price target of $105.14.

About Okta

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.