PNC Financial Services Group Inc. Buys 437 Shares of Okta, Inc. (NASDAQ:OKTA)

PNC Financial Services Group Inc. increased its stake in Okta, Inc. (NASDAQ:OKTA) by 7.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,362 shares of the company’s stock after purchasing an additional 437 shares during the period. PNC Financial Services Group Inc.’s holdings in Okta were worth $501,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its position in shares of Okta by 4.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company’s stock valued at $87,903,000 after acquiring an additional 46,064 shares during the last quarter. Penserra Capital Management LLC raised its position in shares of Okta by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 767,962 shares of the company’s stock valued at $57,089,000 after acquiring an additional 68,757 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Okta during the 3rd quarter valued at $49,373,000. Allspring Global Investments Holdings LLC raised its position in shares of 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 acquiring an additional 322,201 shares during the last quarter. Finally, Glenmede Trust Co. NA raised its position in shares of 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 acquiring an additional 76,588 shares during the last quarter. Institutional investors own 86.64% of the company’s stock.

Okta Price Performance

Shares of NASDAQ OKTA opened at $114.08 on Thursday. Okta, Inc. has a fifty-two week low of $70.56 and a fifty-two week high of $116.96. The stock has a market capitalization of $19.80 billion, a price-to-earnings ratio of -325.94, a PEG ratio of 6.42 and a beta of 1.09. The business has a 50-day moving average of $96.35 and a 200-day moving average of $83.87. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34.

Wall Street Analyst Weigh In

OKTA has been the subject of several research analyst reports. Canaccord Genuity Group boosted their price target on shares of Okta from $94.00 to $100.00 and gave the company a “hold” rating in a report on Tuesday, March 4th. DA Davidson raised shares of Okta from a “neutral” rating to a “buy” rating and boosted their price target for the company from $90.00 to $125.00 in a report on Tuesday, March 4th. Robert W. Baird boosted their price target on shares of Okta from $115.00 to $130.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Susquehanna boosted their price target on shares of Okta from $95.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday, March 4th. Finally, Truist Financial boosted their price target on shares of Okta from $92.00 to $100.00 and gave the company a “hold” rating in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $115.29.

Insider Activity at Okta

In related news, CEO Todd Mckinnon sold 233,028 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $82.31, for a total value of $19,180,534.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $80.50, for a total transaction of $217,672.00. Following the completion of the sale, the insider now owns 24,462 shares of the company’s stock, valued at $1,969,191. This trade represents a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 985,377 shares of company stock worth $88,742,772. Insiders own 7.00% of the company’s stock.

Okta Company 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.