Focus Partners Wealth Increases Stake in Okta, Inc. (NASDAQ:OKTA)

Focus Partners Wealth boosted its stake in Okta, Inc. (NASDAQ:OKTA - Free Report) by 18.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 110,623 shares of the company's stock after buying an additional 17,273 shares during the period. Focus Partners Wealth owned approximately 0.06% of Okta worth $8,717,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Marshall Wace LLP raised its holdings in Okta by 35.5% in the 4th quarter. Marshall Wace LLP now owns 3,583,937 shares of the company's stock valued at $282,414,000 after buying an additional 938,509 shares during the period. Norges Bank purchased a new stake in Okta in the 4th quarter valued at about $234,992,000. Geode Capital Management LLC raised its holdings in Okta by 5.3% in the 4th quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company's stock valued at $212,385,000 after buying an additional 135,110 shares during the period. Ameriprise Financial Inc. raised its holdings in Okta by 2,135.7% in the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company's stock valued at $150,845,000 after buying an additional 1,828,630 shares during the period. Finally, Alyeska Investment Group L.P. raised its holdings in 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 valued at $139,693,000 after buying an additional 1,699,176 shares during the period. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on OKTA. Jefferies Financial Group boosted their price objective on shares of Okta from $90.00 to $110.00 and gave the company a "hold" rating in a report on Tuesday, March 4th. Mizuho raised their price objective on shares of Okta from $127.00 to $135.00 and gave the company an "outperform" rating in a research note on Thursday. The Goldman Sachs Group upped their target price on shares of Okta from $107.00 to $123.00 and gave the stock a "buy" rating in a research note on Tuesday, March 4th. Truist Financial upped their target price on shares of Okta from $92.00 to $100.00 and gave the stock a "hold" rating in a research note on Tuesday, March 4th. Finally, Robert W. Baird upped their target price on shares of Okta from $115.00 to $130.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $117.74.

Okta Stock Up 2.3%

Shares of Okta stock traded up $2.91 during trading hours on Friday, hitting $127.30. The company had a trading volume of 3,024,299 shares, compared to its average volume of 2,781,823. The company's 50-day moving average is $108.15 and its two-hundred day moving average is $93.85. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $127.57. 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 company has a market cap of $22.10 billion, a P/E ratio of -363.71, a price-to-earnings-growth ratio of 6.42 and a beta of 0.96.

Insider Activity

In related news, insider Eric Robert Kelleher sold 5,895 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $113.75, for a total transaction of $670,556.25. Following the completion of the sale, the insider now owns 9,828 shares in the company, valued at $1,117,935. This represents a 37.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Jonathan James Addison sold 7,005 shares of the stock in a transaction on Friday, April 11th. The stock was sold at an average price of $101.19, for a total transaction of $708,835.95. Following the sale, the executive now owns 19,067 shares of the company's stock, valued at approximately $1,929,389.73. This represents a 26.87% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 154,452 shares of company stock worth $16,347,360. Corporate insiders own 7.00% of the company's stock.

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.