Handelsbanken Fonder AB Trims Stake in Okta, Inc. (NASDAQ:OKTA)

Handelsbanken Fonder AB reduced its position in shares of Okta, Inc. (NASDAQ:OKTA) by 24.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,476 shares of the company’s stock after selling 6,550 shares during the period. Handelsbanken Fonder AB’s holdings in Okta were worth $1,854,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in OKTA. CWM LLC grew its position in shares of Okta by 6.7% during the 3rd quarter. CWM LLC now owns 2,582 shares of the company’s stock valued at $210,000 after purchasing an additional 162 shares in the last quarter. Ballentine Partners LLC purchased a new position in shares of Okta during the 3rd quarter valued at $222,000. Slow Capital Inc. grew its position in shares of Okta by 2.5% during the 3rd quarter. Slow Capital Inc. now owns 27,598 shares of the company’s stock valued at $2,250,000 after purchasing an additional 682 shares in the last quarter. Commonwealth Equity Services LLC grew its position in shares of Okta by 1.2% during the 3rd quarter. Commonwealth Equity Services LLC now owns 28,302 shares of the company’s stock valued at $2,307,000 after purchasing an additional 333 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in shares of Okta by 8.8% during the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 36,000 shares of the company’s stock valued at $2,934,000 after purchasing an additional 2,900 shares in the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OKTA has been the subject of several research reports. JPMorgan Chase & Co. upped their target price on shares of Okta from $74.00 to $88.00 and gave the stock a “neutral” rating in a research report on Monday, February 26th. BMO Capital Markets upped their target price on shares of Okta from $80.00 to $110.00 and gave the stock a “market perform” rating in a research report on Thursday, February 29th. Susquehanna boosted their price target on shares of Okta from $70.00 to $115.00 and gave the stock a “neutral” rating in a research note on Monday, March 4th. Jefferies Financial Group reissued a “hold” rating and issued a $95.00 price target (up from $85.00) on shares of Okta in a research note on Friday, January 5th. Finally, Truist Financial reaffirmed a “hold” rating and set a $105.00 price objective (up from $85.00) on shares of Okta in a research note on Thursday, February 29th. Twenty equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $100.39.

Okta Stock Down 0.7 %

OKTA stock opened at $92.29 on Friday. Okta, Inc. has a 52-week low of $65.04 and a 52-week high of $114.50. The firm has a 50 day moving average price of $99.58 and a 200-day moving average price of $86.31. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.20.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Wednesday, February 28th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.35. Okta had a negative net margin of 15.69% and a negative return on equity of 5.69%. The company had revenue of $605.00 million during the quarter, compared to analyst estimates of $586.25 million. As a group, research analysts forecast that Okta, Inc. will post -1.51 EPS for the current year.

Insider Buying and Selling

In related news, CAO Shibu Ninan sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $90.23, for a total value of $225,575.00. Following the completion of the transaction, the chief accounting officer now directly owns 6,539 shares in the company, valued at approximately $590,013.97. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Okta news, CAO Shibu Ninan sold 2,500 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $90.23, for a total transaction of $225,575.00. Following the completion of the sale, the chief accounting officer now directly owns 6,539 shares in the company, valued at approximately $590,013.97. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Shellye L. Archambeau sold 5,000 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $106.96, for a total transaction of $534,800.00. Following the sale, the director now owns 6,042 shares of the company’s stock, valued at $646,252.32. The disclosure for this sale can be found here. Insiders sold a total of 11,779 shares of company stock worth $1,205,990 in the last three months. Insiders own 7.36% of the company’s stock.

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.