Freestone Grove Partners LP Invests $22.86 Million in Okta, Inc. (NASDAQ:OKTA)

Freestone Grove Partners LP acquired a new position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 290,157 shares of the company's stock, valued at approximately $22,864,000. Freestone Grove Partners LP owned about 0.17% of Okta as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. SBI Securities Co. Ltd. bought a new stake in shares of Okta in the 4th quarter worth approximately $1,686,000. Nordea Investment Management AB raised its stake in shares of Okta by 1,150.2% in the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company's stock valued at $33,146,000 after buying an additional 382,190 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of 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 buying an additional 46,064 shares during the period. Tower Research Capital LLC TRC lifted its position in shares of Okta by 46.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 10,833 shares of the company's stock valued at $854,000 after buying an additional 3,429 shares during the last quarter. Finally, Westpac Banking Corp grew its stake in shares of Okta by 2,574.9% during the 4th quarter. Westpac Banking Corp now owns 9,817 shares of the company's stock worth $774,000 after acquiring an additional 9,450 shares during the period. Institutional investors own 86.64% of the company's stock.

Insider Buying and Selling

In other news, insider Larissa Schwartz sold 11,552 shares of the firm's stock in a transaction that occurred 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 approximately $2,524,241.25. This trade represents a 34.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jacques Frederic Kerrest sold 65,000 shares of the company's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $97.50, for a total transaction of $6,337,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 222,192 shares of company stock worth $22,952,256 in the last 90 days. 7.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on OKTA shares. Stifel Nicolaus increased their target price on shares of Okta from $115.00 to $120.00 and gave the stock a "buy" rating in a research report on Tuesday, March 4th. Scotiabank boosted their target price on shares of Okta from $94.00 to $109.00 and gave the company a "sector perform" rating in a report on Tuesday, March 4th. Mizuho raised Okta from a "neutral" rating to an "outperform" rating and raised their price target for the stock from $110.00 to $127.00 in a report on Tuesday, March 4th. Barclays lifted their price target on Okta from $105.00 to $115.00 and gave the company an "equal weight" rating in a research report on Tuesday, March 4th. Finally, Jefferies Financial Group increased their price objective on Okta from $90.00 to $110.00 and gave the stock a "hold" rating in a report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $116.80.

Okta Trading Up 2.5 %

Shares of OKTA traded up $2.81 during mid-day trading on Monday, reaching $115.71. The company's stock had a trading volume of 3,120,324 shares, compared to its average volume of 2,736,559. Okta, Inc. has a 52 week low of $70.56 and a 52 week high of $118.07. The stock has a market cap of $20.09 billion, a PE ratio of -330.60, a P/E/G ratio of 6.42 and a beta of 0.96. The company's fifty day moving average price is $104.20 and its two-hundred day moving average price is $90.77. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06.

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.