Vident Advisory LLC Grows Position in Okta, Inc. (NASDAQ:OKTA)

Vident Advisory LLC raised its position in Okta, Inc. (NASDAQ:OKTA - Free Report) by 27.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 111,463 shares of the company's stock after purchasing an additional 23,752 shares during the quarter. Vident Advisory LLC owned 0.07% of Okta worth $8,783,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of OKTA. Norges Bank purchased a new position in shares of Okta in the 4th quarter worth about $234,992,000. Ameriprise Financial Inc. raised its holdings in shares of Okta by 2,135.7% in the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company's stock worth $150,845,000 after purchasing an additional 1,828,630 shares during the period. Alyeska Investment Group L.P. raised its holdings in shares of Okta by 2,309.4% in the 4th quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company's stock worth $139,693,000 after purchasing an additional 1,699,176 shares during the period. Point72 Asset Management L.P. raised its holdings in shares of Okta by 236.8% in the 4th quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company's stock worth $176,271,000 after purchasing an additional 1,572,786 shares during the period. Finally, Sachem Head Capital Management LP purchased a new position in shares of Okta in the 4th quarter worth about $105,592,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CRO Jonathan James Addison sold 7,005 shares of Okta stock in a transaction 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 transaction, the executive now directly owns 19,067 shares in the company, valued at $1,929,389.73. The trade was a 26.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Larissa Schwartz sold 11,552 shares of Okta 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 transaction, the insider now owns 22,125 shares in the company, valued at $2,524,241.25. This represents a 34.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 154,452 shares of company stock worth $16,347,360 in the last three months. 5.68% of the stock is currently owned by insiders.

Okta Stock Performance

Shares of NASDAQ OKTA opened at $126.44 on Tuesday. 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 stock has a market capitalization of $21.95 billion, a price-to-earnings ratio of -361.26, a PEG ratio of 6.42 and a beta of 0.96. The stock's fifty day simple moving average is $108.50 and its 200 day simple moving average is $94.53. Okta, Inc. has a 52-week low of $70.56 and a 52-week high of $127.57.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Westpark Capital reiterated a "buy" rating and set a $140.00 target price on shares of Okta in a report on Friday, February 28th. BMO Capital Markets raised their target price on Okta from $130.00 to $135.00 and gave the company a "market perform" rating in a report on Wednesday, May 14th. Roth Capital assumed coverage on Okta in a report on Wednesday, April 23rd. They set a "buy" rating and a $119.00 target price on the stock. KeyCorp raised their target price on Okta from $125.00 to $135.00 and gave the company an "overweight" rating in a report on Tuesday, March 4th. Finally, Stephens assumed coverage on Okta in a report on Tuesday, April 1st. They set an "equal weight" rating and a $127.00 target price on the stock. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus 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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