Truvestments Capital LLC Has $302,000 Stake in Okta, Inc. (NASDAQ:OKTA)

Truvestments Capital LLC increased its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 8.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 3,829 shares of the company’s stock after acquiring an additional 282 shares during the period. Truvestments Capital LLC’s holdings in Okta were worth $302,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Paloma Partners Management Co acquired a new position in shares of Okta during the 3rd quarter valued at about $969,000. SBI Securities Co. Ltd. bought a new stake in shares of Okta in the 4th quarter worth approximately $1,686,000. Stifel Financial Corp lifted its position in shares of Okta by 56.1% in the 3rd quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock worth $2,770,000 after acquiring an additional 13,387 shares during the period. Nordea Investment Management AB lifted its position in shares of Okta by 1,150.2% in the 4th quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock worth $33,146,000 after acquiring an additional 382,190 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Okta by 105.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock worth $26,627,000 after buying an additional 184,107 shares during the period. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta Stock Performance

OKTA stock opened at $108.78 on Thursday. The firm has a market cap of $18.64 billion, a PE ratio of -310.80, a P/E/G ratio of 6.42 and a beta of 1.09. The business’s 50-day moving average price is $93.39 and its two-hundred day moving average price is $83.09. Okta, Inc. has a 1-year low of $70.56 and a 1-year high of $116.96. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. The Goldman Sachs Group raised their price target on Okta from $107.00 to $123.00 and gave the company a “buy” rating in a report on Tuesday, March 4th. Barclays raised their price target on Okta from $105.00 to $115.00 and gave the company an “equal weight” rating in a report on Tuesday, March 4th. Citigroup raised their price target on Okta from $100.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, March 4th. Robert W. Baird raised their price target on Okta from $115.00 to $130.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Finally, Oppenheimer lifted their target price on Okta from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. One 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’s stock. Based on data from MarketBeat, Okta currently has a consensus rating of “Moderate Buy” and a consensus target price of $114.39.

Insider Activity

In other news, CFO Brett Tighe sold 5,000 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total value of $445,000.00. Following the sale, the chief financial officer now directly owns 112,533 shares in the company, valued at $10,015,437. The trade was a 4.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jacques Frederic Kerrest sold 130,000 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $105.00, for a total value of $13,650,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 979,482 shares of company stock worth $88,072,216 over the last three months. Corporate insiders own 7.00% of the company’s stock.

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.