Geneos Wealth Management Inc. Raises Stake in Okta, Inc. (NASDAQ:OKTA)

Geneos Wealth Management Inc. increased its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 149.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,466 shares of the company’s stock after buying an additional 6,268 shares during the period. Geneos Wealth Management Inc.’s holdings in Okta were worth $825,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its holdings in shares of Okta by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock worth $79,503,000 after purchasing an additional 17,950 shares during the period. Penserra Capital Management LLC raised its stake in shares of Okta by 9.8% in the third quarter. Penserra Capital Management LLC now owns 767,962 shares of the company’s stock valued at $57,089,000 after buying an additional 68,757 shares during the period. Point72 Asset Management L.P. purchased a new position in shares of Okta during the 3rd quarter valued at $49,373,000. Truist Financial Corp grew its stake in shares of Okta by 62.5% during the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after acquiring an additional 200,770 shares during the period. Finally, Glenmede Trust Co. NA increased its holdings in Okta by 17.6% in the 3rd quarter. Glenmede Trust Co. NA now owns 510,658 shares of the company’s stock worth $37,962,000 after acquiring an additional 76,588 shares during the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Okta Stock Up 2.3 %

Shares of NASDAQ OKTA opened at $90.90 on Tuesday. The company has a market cap of $15.58 billion, a price-to-earnings ratio of -259.71, a PEG ratio of 8.95 and a beta of 1.00. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The firm’s fifty day moving average is $82.54 and its 200 day moving average is $82.07. Okta, Inc. has a 52 week low of $70.56 and a 52 week high of $114.50.

Insider Buying and Selling at Okta

In related news, insider Larissa Schwartz sold 2,791 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $71.50, for a total transaction of $199,556.50. Following the completion of the transaction, the insider now owns 22,125 shares in the company, valued at $1,581,937.50. This represents a 11.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Todd Mckinnon sold 233,028 shares of the firm’s stock in a transaction 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. Over the last quarter, insiders have sold 775,959 shares of company stock worth $65,583,725. 7.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on OKTA. Sanford C. Bernstein dropped their price objective on shares of Okta from $129.00 to $124.00 and set an “outperform” rating on the stock in a report on Tuesday, December 17th. Morgan Stanley upgraded shares of Okta from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $92.00 to $97.00 in a research note on Monday, December 2nd. KeyCorp raised Okta from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a report on Thursday, December 19th. JMP Securities reiterated a “market perform” rating on shares of Okta in a research note on Wednesday, December 4th. Finally, Piper Sandler raised their target price on Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $104.55.

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.