Zurcher Kantonalbank Zurich Cantonalbank Buys 8,239 Shares of Okta, Inc. (NASDAQ:OKTA)

Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Okta, Inc. (NASDAQ:OKTA) by 7.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 118,547 shares of the company’s stock after purchasing an additional 8,239 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.07% of Okta worth $8,813,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of OKTA. Blueshift Asset Management LLC bought a new position in Okta in the 3rd quarter valued at about $998,000. Glenmede Trust Co. NA increased its stake in Okta by 17.6% in the third quarter. Glenmede Trust Co. NA now owns 510,658 shares of the company’s stock valued at $37,962,000 after acquiring an additional 76,588 shares during the last quarter. Cynosure Group LLC bought a new position in Okta in the third quarter valued at approximately $295,000. Townsquare Capital LLC raised its position in Okta by 16.5% during the third quarter. Townsquare Capital LLC now owns 6,321 shares of the company’s stock valued at $470,000 after purchasing an additional 896 shares in the last quarter. Finally, Thematics Asset Management lifted its stake in Okta by 30.1% during the third quarter. Thematics Asset Management now owns 190,000 shares of the company’s stock worth $14,125,000 after purchasing an additional 44,000 shares during the last quarter. Institutional investors own 86.64% of the company’s stock.

Insiders Place Their Bets

In other Okta news, CEO Todd Mckinnon sold 200,512 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the transaction, the chief executive officer now owns 8,495 shares in the company, valued at approximately $638,908.95. This represents a 95.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $74.01, for a total transaction of $206,487.90. Following the transaction, the insider now owns 27,713 shares of the company’s stock, valued at $2,051,039.13. This represents a 9.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 475,789 shares of company stock worth $35,701,361. Corporate insiders own 7.00% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on OKTA. Canaccord Genuity Group lowered their price target on Okta from $90.00 to $82.00 and set a “hold” rating for the company in a report on Friday, October 18th. BMO Capital Markets boosted their target price on Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a research note on Thursday, August 29th. Truist Financial reduced their price target on shares of Okta from $95.00 to $80.00 and set a “hold” rating on the stock in a research note on Thursday, October 17th. Jefferies Financial Group dropped their price objective on shares of Okta from $100.00 to $85.00 and set a “hold” rating for the company in a research note on Tuesday, September 24th. Finally, The Goldman Sachs Group lowered their price target on shares of Okta from $113.00 to $97.00 and set a “buy” rating for the company in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $98.45.

Okta Stock Performance

Shares of OKTA opened at $77.56 on Monday. Okta, Inc. has a one year low of $66.69 and a one year high of $114.50. The company has a market cap of $13.17 billion, a PE ratio of -92.33, a P/E/G ratio of 18.99 and a beta of 1.02. The stock has a 50-day moving average of $74.94 and a 200-day moving average of $84.67. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83.

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.