Okta, Inc. (NASDAQ:OKTA) Stake Lowered by Tairen Capital Ltd

Tairen Capital Ltd cut its stake in Okta, Inc. (NASDAQ:OKTA) by 2.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,600 shares of the company’s stock after selling 400 shares during the quarter. Tairen Capital Ltd’s holdings in Okta were worth $1,150,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bank of Jackson Hole Trust acquired a new position in Okta in the 4th quarter worth about $25,000. TD Private Client Wealth LLC grew its stake in shares of Okta by 3,507.7% in the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock valued at $37,000 after buying an additional 456 shares in the last quarter. Brown Brothers Harriman & Co. bought a new stake in shares of Okta in the 4th quarter valued at approximately $43,000. Wingate Wealth Advisors Inc. acquired a new position in Okta in the fourth quarter worth approximately $44,000. Finally, True Wealth Design LLC raised its position in Okta by 237.4% during the fourth quarter. True Wealth Design LLC now owns 577 shares of the company’s stock valued at $45,000 after acquiring an additional 406 shares in the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CRO Jonathan James Addison sold 7,005 shares of the firm’s stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $101.19, for a total value of $708,835.95. Following the transaction, the executive now owns 19,067 shares of the company’s stock, valued at approximately $1,929,389.73. This trade represents a 26.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Eric Robert Kelleher sold 5,895 shares of Okta stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $113.75, for a total transaction of $670,556.25. Following the sale, the insider now owns 9,828 shares of the company’s stock, valued at approximately $1,117,935. This represents a 37.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold 154,452 shares of company stock worth $16,347,360 in the last quarter. Insiders own 5.68% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on the stock. BTIG Research reissued a “buy” rating on shares of Okta in a research report on Tuesday, March 4th. Stifel Nicolaus upped their price objective on shares of Okta from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, March 4th. KeyCorp raised their target price on Okta from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Tuesday, March 4th. Stephens started coverage on Okta in a research report on Tuesday, April 1st. They issued an “equal weight” rating and a $127.00 price target for the company. Finally, Scotiabank upped their price target on Okta from $94.00 to $109.00 and gave the stock a “sector perform” rating in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $117.74.

Okta Price Performance

Shares of OKTA stock opened at $127.30 on Monday. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $127.57. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. The firm’s 50 day moving average is $108.15 and its 200-day moving average is $94.16. The firm has a market capitalization of $22.10 billion, a price-to-earnings ratio of -363.71, a PEG ratio of 6.42 and a beta of 0.96.

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.