Forum Financial Management LP Buys Shares of 4,231 Okta, Inc. (NASDAQ:OKTA)

Forum Financial 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 13F filing with the Securities & Exchange Commission. The fund bought 4,231 shares of the company's stock, valued at approximately $333,000.

Several other large investors have also modified their holdings of the business. GeoWealth Management LLC increased its holdings in Okta by 67.9% in the 4th quarter. GeoWealth Management LLC now owns 1,011 shares of the company's stock valued at $80,000 after purchasing an additional 409 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in shares of Okta by 358.0% in the fourth quarter. Canada Pension Plan Investment Board now owns 65,500 shares of the company's stock valued at $5,161,000 after buying an additional 51,200 shares in the last quarter. Zacks Investment Management boosted its holdings in Okta by 0.7% during the 4th quarter. Zacks Investment Management now owns 39,340 shares of the company's stock valued at $3,100,000 after acquiring an additional 276 shares during the period. Marshall Wace LLP grew its position 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 acquiring an additional 938,509 shares in the last quarter. Finally, Jump Financial LLC lifted its position in shares of Okta by 277.3% during the fourth quarter. Jump Financial LLC now owns 42,668 shares of the company's stock worth $3,362,000 after purchasing an additional 31,358 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company's stock.

Okta Stock Performance

NASDAQ:OKTA traded up $1.84 during midday trading on Friday, reaching $103.38. The stock had a trading volume of 1,530,041 shares, compared to its average volume of 2,579,270. The stock has a market cap of $17.95 billion, a P/E ratio of -295.37, a P/E/G ratio of 6.42 and a beta of 1.07. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta, Inc. has a 12-month low of $70.56 and a 12-month high of $118.07. The firm has a fifty day simple moving average of $102.42 and a two-hundred day simple moving average of $89.58.

Insider Transactions at Okta

In other Okta news, insider Larissa Schwartz sold 2,740 shares of the stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $97.59, for a total value of $267,396.60. Following the completion of the transaction, the insider now owns 22,125 shares in the company, valued at approximately $2,159,178.75. This represents a 11.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Brett Tighe sold 5,000 shares of the business's stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $94.56, for a total transaction of $472,800.00. Following the sale, the chief financial officer now owns 102,533 shares in the company, valued at $9,695,520.48. The trade was a 4.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 362,192 shares of company stock worth $35,988,856 over the last ninety days. 7.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. BTIG Research reaffirmed a "buy" rating on shares of Okta in a research note on Tuesday, March 4th. Robert W. Baird increased their price objective on Okta from $115.00 to $130.00 and gave the company an "outperform" rating in a research note on Tuesday, March 4th. JPMorgan Chase & Co. lifted their target price on Okta from $100.00 to $105.00 and gave the company an "overweight" rating in a report on Friday, February 28th. UBS Group set a $135.00 price target on Okta in a report on Tuesday, March 4th. Finally, Cantor Fitzgerald began coverage on Okta in a research note on Monday, March 31st. They issued an "overweight" rating and a $130.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $116.12.

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.