Okta, Inc. (NASDAQ:OKTA) Stock Position Decreased by Truist Financial Corp

Truist Financial Corp reduced its stake in Okta, Inc. (NASDAQ:OKTA) by 77.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,830 shares of the company’s stock after selling 43,736 shares during the period. Truist Financial Corp’s holdings in Okta were worth $1,011,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Itau Unibanco Holding S.A. acquired a new stake in shares of Okta during the third quarter valued at approximately $25,000. Blue Trust Inc. boosted its holdings in Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after purchasing an additional 191 shares during the period. Legacy Investment Solutions LLC acquired a new position in shares of Okta in the 3rd quarter valued at $32,000. Modus Advisors LLC acquired a new position in shares of Okta in the 4th quarter valued at $44,000. Finally, Wingate Wealth Advisors Inc. acquired a new stake in shares of Okta during the 4th quarter worth about $44,000. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Stock Up 1.5 %

Shares of NASDAQ OKTA opened at $90.49 on Friday. Okta, Inc. has a 12 month low of $70.56 and a 12 month high of $114.50. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $15.51 billion, a price-to-earnings ratio of -258.54, a PEG ratio of 6.42 and a beta of 1.03. The business has a 50-day moving average of $89.30 and a 200-day moving average of $82.53.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $101.00 price objective on shares of Okta in a research report on Wednesday, December 4th. Westpark Capital reiterated a “buy” rating and issued a $140.00 price objective on shares of Okta in a report on Friday. BMO Capital Markets boosted their target price on shares of Okta from $103.00 to $105.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Robert W. Baird boosted their target price on shares of Okta from $105.00 to $115.00 and gave the company an “outperform” rating in a research report on Tuesday, December 17th. Finally, Piper Sandler upped their price objective on shares of Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $105.67.

Insider Transactions at Okta

In other Okta news, Director Jacques Frederic Kerrest sold 131,426 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $80.68, for a total value of $10,603,449.68. Following the completion of the sale, the director now owns 1,622 shares in the company, valued at approximately $130,862.96. The trade was a 98.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Todd Mckinnon sold 233,028 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $82.31, for a total value of $19,180,534.68. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 980,908 shares of company stock valued at $85,025,665. 7.00% of the stock is owned by corporate insiders.

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.