Proficio Capital Partners LLC Invests $4.92 Million in Okta, Inc. (NASDAQ:OKTA)

Proficio Capital Partners LLC bought a new position in shares of Okta, Inc. (NASDAQ:OKTA) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 62,477 shares of the company’s stock, valued at approximately $4,923,000.

Other hedge funds have also modified their holdings of the company. Metis Global Partners LLC grew its position in Okta by 7.1% in the 3rd quarter. Metis Global Partners LLC now owns 3,181 shares of the company’s stock valued at $236,000 after buying an additional 212 shares during the last quarter. CIBC Asset Management Inc grew its position in Okta by 5.4% in the 3rd quarter. CIBC Asset Management Inc now owns 5,650 shares of the company’s stock valued at $420,000 after buying an additional 288 shares during the last quarter. Empowered Funds LLC grew its position in Okta by 5.4% in the 3rd quarter. Empowered Funds LLC now owns 5,718 shares of the company’s stock valued at $425,000 after buying an additional 295 shares during the last quarter. Frazier Financial Advisors LLC purchased a new position in Okta in the 3rd quarter valued at $58,000. Finally, Swiss National Bank grew its position in Okta by 0.8% in the 3rd quarter. Swiss National Bank now owns 477,700 shares of the company’s stock valued at $35,512,000 after buying an additional 3,600 shares during the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on OKTA shares. JMP Securities reaffirmed a “market perform” rating on shares of Okta in a research note on Wednesday, December 4th. Barclays lifted their price target on Okta from $105.00 to $115.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 4th. Mizuho raised Okta from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $110.00 to $127.00 in a research note on Tuesday, March 4th. Susquehanna lifted their price target on Okta from $95.00 to $105.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 4th. Finally, Morgan Stanley raised Okta from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $92.00 to $97.00 in a research note on Monday, December 2nd. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $114.39.

Insider Buying and Selling

In related news, CEO Todd Mckinnon sold 233,028 shares of Okta stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $82.31, for a total transaction of $19,180,534.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,704 shares of Okta stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $80.50, for a total value of $217,672.00. Following the transaction, the insider now directly owns 24,462 shares in the company, valued at approximately $1,969,191. The trade was a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 979,482 shares of company stock worth $88,072,216 over the last ninety days. 7.00% of the stock is owned by insiders.

Okta Stock Performance

Shares of OKTA opened at $112.55 on Monday. The business’s fifty day moving average price is $94.58 and its 200 day moving average price is $83.17. Okta, Inc. has a 12-month low of $70.56 and a 12-month high of $116.96. The stock has a market capitalization of $19.29 billion, a PE ratio of -321.57, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34.

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.