Royal Bank of Canada Purchases 58,379 Shares of Okta, Inc. (NASDAQ:OKTA)

Royal Bank of Canada lifted its holdings in Okta, Inc. (NASDAQ:OKTA - Free Report) by 10.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 618,704 shares of the company's stock after purchasing an additional 58,379 shares during the period. Royal Bank of Canada owned about 0.36% of Okta worth $48,754,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in OKTA. Norges Bank acquired a new position in shares of Okta in the 4th quarter worth approximately $234,992,000. Ameriprise Financial Inc. increased its position in shares of Okta by 2,135.7% in the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company's stock worth $150,845,000 after acquiring an additional 1,828,630 shares in the last quarter. Alyeska Investment Group L.P. increased its position in shares of Okta by 2,309.4% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company's stock worth $139,693,000 after acquiring an additional 1,699,176 shares in the last quarter. Point72 Asset Management L.P. increased its position in shares of Okta by 236.8% in the fourth quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company's stock worth $176,271,000 after acquiring an additional 1,572,786 shares in the last quarter. Finally, Marshall Wace LLP increased its position in shares of Okta by 35.5% in the fourth quarter. Marshall Wace LLP now owns 3,583,937 shares of the company's stock worth $282,414,000 after acquiring an additional 938,509 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company's stock.

Insider Activity at Okta

In other news, insider Larissa Schwartz sold 11,552 shares of the stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $114.09, for a total value of $1,317,967.68. Following the completion of the transaction, the insider now owns 22,125 shares in the company, valued at approximately $2,524,241.25. This represents a 34.30% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CRO Jonathan James Addison sold 7,005 shares of the company's stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $101.19, for a total transaction of $708,835.95. Following the completion of the sale, the executive now directly owns 19,067 shares in the company, valued at approximately $1,929,389.73. The trade was a 26.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 154,452 shares of company stock worth $16,347,360 in the last ninety days. 5.68% of the stock is currently owned by insiders.

Okta Stock Performance

NASDAQ:OKTA traded down $0.19 during trading hours on Friday, hitting $123.72. 1,919,320 shares of the company traded hands, compared to its average volume of 2,802,925. The stock has a market capitalization of $21.48 billion, a price-to-earnings ratio of -353.49, a P/E/G ratio of 6.42 and a beta of 0.96. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $127.57. The firm has a 50-day moving average of $109.45 and a 200 day moving average of $95.75. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Oppenheimer lifted their target price on shares of Okta from $125.00 to $135.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. Susquehanna lifted their target price on shares of Okta from $95.00 to $105.00 and gave the stock a "neutral" rating in a research report on Tuesday, March 4th. Citigroup raised their price target on shares of Okta from $100.00 to $110.00 and gave the stock a "neutral" rating in a report on Tuesday, March 4th. Wells Fargo & Company boosted their price objective on shares of Okta from $95.00 to $100.00 and gave the company an "equal weight" rating in a research report on Tuesday, March 4th. Finally, DA Davidson boosted their price objective on shares of Okta from $125.00 to $145.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $120.17.

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.