Truist Financial Corp Sells 43,736 Shares of Okta, Inc. (NASDAQ:OKTA)

Truist Financial Corp reduced its stake in Okta, Inc. (NASDAQ:OKTA) by 77.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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 SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. boosted its position in shares of Okta by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock valued at $79,503,000 after buying an additional 17,950 shares during the last quarter. Penserra Capital Management LLC raised its stake in shares of Okta by 9.8% in the third quarter. Penserra Capital Management LLC now owns 767,962 shares of the company’s stock worth $57,089,000 after buying an additional 68,757 shares during the period. Point72 Asset Management L.P. bought a new position in shares of Okta in the third quarter worth about $49,373,000. Allspring Global Investments Holdings LLC raised its stake in Okta by 138.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 554,633 shares of the company’s stock valued at $43,721,000 after purchasing an additional 322,201 shares during the period. Finally, Glenmede Trust Co. NA raised its stake in Okta by 17.6% during the 3rd quarter. Glenmede Trust Co. NA now owns 510,658 shares of the company’s stock valued at $37,962,000 after purchasing an additional 76,588 shares during the period. 86.64% of the stock is owned by hedge funds and other institutional investors.

Okta Stock Up 1.5 %

Shares of NASDAQ:OKTA opened at $90.49 on Friday. The company has a 50 day moving average price of $89.30 and a two-hundred day moving average price of $82.53. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta, Inc. has a 52 week low of $70.56 and a 52 week high of $114.50. The company has a market capitalization of $15.51 billion, a PE ratio of -258.54, a PEG ratio of 6.42 and a beta of 1.03.

Insider Activity at Okta

In related news, Director Jacques Frederic Kerrest sold 131,426 shares of Okta stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the sale, the director now directly owns 1,622 shares of the company’s stock, valued at approximately $130,862.96. The trade was a 98.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,740 shares of Okta stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $97.59, for a total transaction of $267,396.60. Following the sale, the insider now owns 22,125 shares in the company, valued at approximately $2,159,178.75. This represents a 11.02 % decrease in their ownership of the stock. 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. Corporate insiders own 7.00% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on OKTA. Morgan Stanley upgraded Okta from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $92.00 to $97.00 in a report on Monday, December 2nd. Mizuho boosted their price objective on Okta from $100.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. Sanford C. Bernstein dropped their price objective on Okta from $129.00 to $124.00 and set an “outperform” rating for the company in a report on Tuesday, December 17th. Susquehanna lifted their target price on Okta from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Finally, Jefferies Financial Group reduced their price target on Okta from $100.00 to $90.00 and set a “hold” rating for the company in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Okta presently has an average rating of “Hold” and a consensus price target of $105.67.

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.