Point72 DIFC Ltd Purchases New Position in Okta, Inc. (NASDAQ:OKTA)

Point72 DIFC Ltd bought a new stake in Okta, Inc. (NASDAQ:OKTA) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 7,376 shares of the company’s stock, valued at approximately $548,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. acquired a new position in Okta in the third quarter valued at $25,000. Future Financial Wealth Managment LLC acquired a new stake in Okta during the 3rd quarter worth approximately $26,000. Blue Trust Inc. increased its holdings in shares of Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after purchasing an additional 191 shares during the period. First Command Advisory Services Inc. acquired a new stake in shares of Okta in the 2nd quarter worth $47,000. Finally, nVerses Capital LLC acquired a new position in shares of Okta during the second quarter worth about $47,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Insider Buying and Selling at Okta

In other Okta news, CEO Todd Mckinnon sold 224,533 shares of the stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $74.62, for a total value of $16,754,652.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 2,790 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $74.01, for a total transaction of $206,487.90. Following the completion of the transaction, the insider now owns 27,713 shares of the company’s stock, valued at $2,051,039.13. This trade represents a 9.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 607,215 shares of company stock valued at $46,304,810 over the last three months. 7.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on OKTA shares. Bank of America lowered Okta from a “buy” rating to an “underperform” rating and lowered their price objective for the company from $135.00 to $75.00 in a report on Thursday, August 29th. Westpark Capital restated a “buy” rating and issued a $140.00 price target on shares of Okta in a research note on Wednesday. The Goldman Sachs Group lifted their price target on Okta from $97.00 to $107.00 and gave the stock a “buy” rating in a research note on Wednesday. Barclays raised their target price on shares of Okta from $81.00 to $96.00 and gave the company an “equal weight” rating in a report on Wednesday. Finally, Scotiabank upped their price target on shares of Okta from $92.00 to $96.00 and gave the company a “sector perform” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $103.77.

Okta Stock Performance

Shares of OKTA stock opened at $84.79 on Friday. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. The company has a market cap of $14.40 billion, a PE ratio of -242.26, a P/E/G ratio of 20.94 and a beta of 1.00. The company’s fifty day simple moving average is $75.77 and its 200-day simple moving average is $84.16. Okta, Inc. has a 52 week low of $70.56 and a 52 week high of $114.50.

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.