Paloma Partners Management Co Makes New $969,000 Investment in Okta, Inc. (NASDAQ:OKTA)

Paloma Partners Management Co acquired a new stake in shares of Okta, Inc. (NASDAQ:OKTA) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 13,032 shares of the company’s stock, valued at approximately $969,000.

Several other large investors have also recently modified their holdings of OKTA. EverSource Wealth Advisors LLC increased its stake 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 purchasing an additional 142 shares during the period. Future Financial Wealth Managment LLC bought a new stake in Okta during the 3rd quarter valued at $26,000. Blue Trust Inc. boosted its position in Okta by 105.5% during the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after buying an additional 191 shares during the period. First Command Advisory Services Inc. purchased a new position in shares of Okta in the second quarter valued at about $47,000. Finally, nVerses Capital LLC bought a new position in shares of Okta during the second quarter valued at about $47,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Stock Up 4.2 %

Shares of Okta stock opened at $80.85 on Tuesday. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $114.50. The company has a market cap of $13.73 billion, a price-to-earnings ratio of -96.25, a price-to-earnings-growth ratio of 18.99 and a beta of 1.00. The company’s 50 day moving average is $74.94 and its 200 day moving average is $84.56.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on OKTA shares. Mizuho reduced their price target on Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a report on Thursday, October 17th. Bank of America cut Okta from a “buy” rating to an “underperform” rating and reduced their target price for the company from $135.00 to $75.00 in a research note on Thursday, August 29th. BTIG Research cut their price target on shares of Okta from $128.00 to $98.00 and set a “buy” rating on the stock in a report on Thursday, October 17th. Barclays began coverage on shares of Okta in a report on Tuesday, November 19th. They issued an “equal weight” rating and a $81.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Okta from a “buy” rating to a “hold” rating and cut their target price for the company from $115.00 to $85.00 in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $98.62.

Insider Activity

In other Okta news, CRO Jonathan James Addison sold 9,850 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $764,655.50. Following the transaction, the executive now directly owns 14,601 shares in the company, valued at approximately $1,133,475.63. This trade represents a 40.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Larissa Schwartz sold 2,791 shares of the company’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the sale, the insider now owns 22,125 shares of the company’s stock, valued at $1,581,937.50. This trade represents a 11.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 475,789 shares of company stock valued at $35,701,361 in the last ninety days. 7.00% of the stock is currently owned by company 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.