Ballentine Partners LLC Cuts Stock Position in Okta, Inc. (NASDAQ:OKTA)

Ballentine Partners LLC decreased its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 13.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,300 shares of the company’s stock after selling 351 shares during the quarter. Ballentine Partners LLC’s holdings in Okta were worth $215,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. City State Bank lifted its position in shares of Okta by 160.0% during the first quarter. City State Bank now owns 260 shares of the company’s stock worth $27,000 after purchasing an additional 160 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Okta by 71.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after buying an additional 142 shares in the last quarter. First Command Advisory Services Inc. purchased a new position in Okta in the 2nd quarter valued at about $47,000. nVerses Capital LLC purchased a new position in Okta in the 2nd quarter valued at about $47,000. Finally, Principal Securities Inc. acquired a new stake in shares of Okta during the fourth quarter valued at about $48,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Jacques Frederic Kerrest sold 1,552 shares of Okta stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $86.99, for a total value of $135,008.48. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Okta news, insider Larissa Schwartz sold 2,795 shares of Okta stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $92.02, for a total transaction of $257,195.90. Following the transaction, the insider now directly owns 27,014 shares in the company, valued at approximately $2,485,828.28. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jacques Frederic Kerrest sold 1,552 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $86.99, for a total value of $135,008.48. The disclosure for this sale can be found here. In the last 90 days, insiders sold 346,173 shares of company stock worth $32,765,801. Insiders own 7.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Wells Fargo & Company reduced their price target on Okta from $100.00 to $90.00 and set an “equal weight” rating for the company in a report on Thursday, August 29th. The Goldman Sachs Group dropped their price target on shares of Okta from $130.00 to $113.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Susquehanna reduced their price objective on shares of Okta from $110.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. DA Davidson dropped their target price on shares of Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. Finally, Truist Financial restated a “hold” rating and issued a $95.00 target price (down previously from $105.00) on shares of Okta in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $105.14.

Okta Stock Up 0.2 %

NASDAQ OKTA opened at $73.50 on Friday. Okta, Inc. has a 12 month low of $65.04 and a 12 month high of $114.50. The company has a market capitalization of $12.36 billion, a P/E ratio of -44.01, a PEG ratio of 40.12 and a beta of 1.01. The company’s 50 day simple moving average is $89.85 and its 200 day simple moving average is $94.67. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83.

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.