Glynn Capital Management LLC Has $31.42 Million Stock Position in Okta, Inc. (NASDAQ:OKTA)

Glynn Capital Management LLC grew its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 15.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 335,668 shares of the company’s stock after purchasing an additional 45,785 shares during the quarter. Okta comprises approximately 6.3% of Glynn Capital Management LLC’s portfolio, making the stock its 7th biggest holding. Glynn Capital Management LLC owned 0.20% of Okta worth $31,422,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Sands Capital Management LLC boosted its position in shares of Okta by 42.3% in the fourth quarter. Sands Capital Management LLC now owns 8,358,414 shares of the company’s stock valued at $756,687,000 after acquiring an additional 2,486,456 shares during the period. Norges Bank bought a new position in shares of Okta in the fourth quarter valued at approximately $150,794,000. First Trust Advisors LP boosted its position in shares of Okta by 28.1% in the fourth quarter. First Trust Advisors LP now owns 4,085,430 shares of the company’s stock valued at $369,854,000 after acquiring an additional 897,216 shares during the period. Point72 Asset Management L.P. boosted its position in shares of Okta by 1,465.8% in the fourth quarter. Point72 Asset Management L.P. now owns 682,900 shares of the company’s stock valued at $61,823,000 after acquiring an additional 732,900 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Okta by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 15,719,619 shares of the company’s stock valued at $1,423,097,000 after acquiring an additional 438,496 shares during the period. Institutional investors own 86.64% of the company’s stock.

Insider Activity at Okta

In related news, CEO Todd Mckinnon sold 179,687 shares of Okta stock in a transaction on Friday, July 19th. The shares were sold at an average price of $93.42, for a total value of $16,786,359.54. Following the sale, the chief executive officer now owns 47,883 shares in the company, valued at $4,473,229.86. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Todd Mckinnon sold 179,687 shares of the business’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $93.42, for a total transaction of $16,786,359.54. Following the sale, the chief executive officer now owns 47,883 shares in the company, valued at approximately $4,473,229.86. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jacques Frederic Kerrest sold 1,552 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $86.99, for a total transaction of $135,008.48. The disclosure for this sale can be found here. Insiders have sold a total of 365,051 shares of company stock worth $34,411,773 over the last quarter. Corporate insiders own 7.00% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on OKTA shares. DA Davidson cut their price objective on shares of Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. The Goldman Sachs Group lowered their target price on shares of Okta from $130.00 to $113.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Piper Sandler lowered their target price on shares of Okta from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Thursday, August 29th. Wells Fargo & Company lowered their target price on shares of Okta from $100.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. Finally, Mizuho raised their target price on shares of Okta from $105.00 to $110.00 and gave the company a “neutral” rating in a research note on Friday, May 17th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $106.00.

Okta Stock Performance

NASDAQ:OKTA opened at $75.26 on Thursday. The stock has a market cap of $12.66 billion, a P/E ratio of -45.07 and a beta of 1.02. The firm’s fifty day simple moving average is $92.36 and its 200 day simple moving average is $95.21. Okta, Inc. has a twelve month low of $65.04 and a twelve month high of $114.50. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18.

Okta Company 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.