1,340,000 Shares in Okta, Inc. (NASDAQ:OKTA) Purchased by Sachem Head Capital Management LP

Sachem Head Capital Management LP bought a new stake in Okta, Inc. (NASDAQ:OKTA - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 1,340,000 shares of the company's stock, valued at approximately $105,592,000. Okta comprises about 5.8% of Sachem Head Capital Management LP's holdings, making the stock its 9th largest position. Sachem Head Capital Management LP owned approximately 0.78% of Okta as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. SBI Securities Co. Ltd. acquired a new stake in shares of Okta during the 4th quarter worth about $1,686,000. Charles Schwab Investment Management Inc. boosted its holdings in Okta by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company's stock valued at $87,903,000 after purchasing an additional 46,064 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in Okta by 46.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 10,833 shares of the company's stock worth $854,000 after buying an additional 3,429 shares during the last quarter. Westpac Banking Corp increased its position in Okta by 2,574.9% in the 4th quarter. Westpac Banking Corp now owns 9,817 shares of the company's stock valued at $774,000 after acquiring an additional 9,450 shares during the period. Finally, Forsta AP Fonden increased its position in shares of Okta by 40.5% during the 4th quarter. Forsta AP Fonden now owns 73,900 shares of the company's stock valued at $5,823,000 after purchasing an additional 21,300 shares during the period. Hedge funds and other institutional investors own 86.64% of the company's stock.

Insider Transactions at Okta

In other Okta news, CRO Jonathan James Addison sold 7,005 shares of the business's stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $101.19, for a total value of $708,835.95. Following the completion of the sale, the executive now owns 19,067 shares in the company, valued at approximately $1,929,389.73. The trade was a 26.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Eric Robert Kelleher sold 5,895 shares of the company's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $113.75, for a total value of $670,556.25. Following the completion of the sale, the insider now directly owns 9,828 shares in the company, valued at approximately $1,117,935. The trade was a 37.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 154,452 shares of company stock valued at $16,347,360. Corporate insiders own 7.00% of the company's stock.

Okta Trading Up 2.3%

Shares of NASDAQ:OKTA opened at $127.30 on Friday. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $127.57. The company has a market capitalization of $22.10 billion, a P/E ratio of -363.71, a P/E/G ratio of 6.42 and a beta of 0.96. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The business's 50 day simple moving average is $108.15 and its 200 day simple moving average is $93.85.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Wells Fargo & Company raised their target price on Okta from $95.00 to $100.00 and gave the company an "equal weight" rating in a report on Tuesday, March 4th. Citigroup increased their price target on Okta from $100.00 to $110.00 and gave the company a "neutral" rating in a research note on Tuesday, March 4th. UBS Group set a $135.00 price objective on Okta in a research note on Tuesday, March 4th. Royal Bank of Canada raised their price objective on Okta from $115.00 to $120.00 and gave the company an "outperform" rating in a report on Tuesday, March 4th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Okta from $100.00 to $105.00 and gave the stock an "overweight" rating in a research report on Friday, February 28th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $117.74.

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.

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