Selective Wealth Management Inc. Decreases Holdings in Okta, Inc. (NASDAQ:OKTA)

Selective Wealth Management Inc. reduced its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 7.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 37,980 shares of the company’s stock after selling 3,137 shares during the period. Okta comprises 1.3% of Selective Wealth Management Inc.’s investment portfolio, making the stock its 15th biggest position. Selective Wealth Management Inc.’s holdings in Okta were worth $3,155,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Marshall Wace LLP raised its stake in Okta by 117.4% in the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after acquiring an additional 1,227,890 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Okta in the third quarter valued at approximately $49,373,000. Nordea Investment Management AB lifted its stake in shares of Okta by 1,150.2% during the 4th quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock valued at $33,146,000 after buying an additional 382,190 shares in the last quarter. Eminence Capital LP boosted its holdings in Okta by 18.1% in the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after buying an additional 305,381 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in Okta by 232.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock worth $29,479,000 after buying an additional 277,084 shares during the period. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Stock Up 1.9 %

OKTA opened at $87.29 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The stock’s 50 day simple moving average is $81.05 and its 200 day simple moving average is $82.48. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $114.50.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft downgraded Okta from a “buy” rating to a “hold” rating and dropped their target price for the stock from $115.00 to $85.00 in a research report on Tuesday, November 12th. JPMorgan Chase & Co. raised Okta from a “neutral” rating to an “overweight” rating and set a $100.00 target price for the company in a report on Monday, December 16th. Scotiabank increased their price target on shares of Okta from $92.00 to $96.00 and gave the stock a “sector perform” rating in a report on Wednesday, December 4th. Canaccord Genuity Group boosted their price objective on shares of Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. Finally, BMO Capital Markets increased their target price on shares of Okta from $103.00 to $105.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $104.61.

Insider Activity

In other news, CEO Todd Mckinnon sold 233,028 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $82.31, for a total transaction 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, Director Jacques Frederic Kerrest sold 131,426 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $80.68, for a total value of $10,603,449.68. Following the completion of the sale, the director now directly owns 1,622 shares in the company, valued at $130,862.96. The trade was a 98.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 369,949 shares of company stock valued at $30,201,213. 7.00% of the stock is currently owned by company insiders.

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.