Channel Wealth LLC Makes New Investment in Okta, Inc. (NASDAQ:OKTA)

Channel Wealth LLC acquired a new stake in shares of Okta, Inc. (NASDAQ:OKTA) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 35,036 shares of the company’s stock, valued at approximately $2,761,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Itau Unibanco Holding S.A. bought a new position in shares of Okta during the third quarter valued at approximately $25,000. Future Financial Wealth Managment LLC bought a new position in shares of Okta during the third quarter valued at approximately $26,000. Blue Trust Inc. raised its holdings in shares of Okta by 105.5% during the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after acquiring an additional 191 shares in the last quarter. Legacy Investment Solutions LLC bought a new position in shares of Okta during the third quarter valued at approximately $32,000. Finally, Modus Advisors LLC bought a new position in shares of Okta during the fourth quarter valued at approximately $44,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Deutsche Bank Aktiengesellschaft downgraded Okta from a “buy” rating to a “hold” rating and decreased their target price for the company from $115.00 to $85.00 in a report on Tuesday, November 12th. Canaccord Genuity Group increased their price objective on Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. Needham & Company LLC increased their price objective on Okta from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Piper Sandler increased their price objective on Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Finally, Robert W. Baird increased their price objective on Okta from $105.00 to $115.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $104.45.

Okta Stock Performance

NASDAQ:OKTA opened at $85.67 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $114.50. The stock’s 50 day simple moving average is $80.84 and its two-hundred day simple moving average is $82.53. The company has a market cap of $14.68 billion, a price-to-earnings ratio of -244.77, a PEG ratio of 8.52 and a beta of 1.00.

Insider Transactions at Okta

In other news, insider Larissa Schwartz sold 2,791 shares of Okta stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the transaction, the insider now owns 22,125 shares in the company, valued at approximately $1,581,937.50. The trade was a 11.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd Mckinnon sold 233,028 shares of Okta stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $82.31, for a total value of $19,180,534.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 369,949 shares of company stock worth $30,201,213. 7.00% of the stock is currently owned by company insiders.

About Okta

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.