Granahan Investment Management LLC Buys 9,823 Shares of Okta, Inc. (NASDAQ:OKTA)

Granahan Investment Management LLC increased its holdings in Okta, Inc. (NASDAQ:OKTA - Free Report) by 23.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,852 shares of the company's stock after buying an additional 9,823 shares during the quarter. Granahan Investment Management LLC's holdings in Okta were worth $4,007,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of OKTA. Bank of Jackson Hole Trust acquired a new stake in shares of Okta in the 4th quarter worth approximately $25,000. TD Private Client Wealth LLC lifted its position in Okta by 3,507.7% in the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company's stock worth $37,000 after purchasing an additional 456 shares during the period. Brown Brothers Harriman & Co. bought a new position in Okta during the 4th quarter valued at $43,000. Wingate Wealth Advisors Inc. acquired a new position in shares of Okta during the 4th quarter valued at $44,000. Finally, Smartleaf Asset Management LLC raised its stake in shares of Okta by 40.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 732 shares of the company's stock worth $58,000 after buying an additional 210 shares in the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Stock Performance

Shares of NASDAQ:OKTA traded down $0.12 during trading on Tuesday, reaching $124.05. The stock had a trading volume of 2,899,348 shares, compared to its average volume of 2,767,733. The stock has a fifty day simple moving average of $107.14 and a two-hundred day simple moving average of $92.92. 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 52 week low of $70.56 and a 52 week high of $124.89. The firm has a market capitalization of $21.54 billion, a price-to-earnings ratio of -354.43, a P/E/G ratio of 6.42 and a beta of 0.96.

Analysts Set New Price Targets

Several research analysts recently weighed in on OKTA shares. Stifel Nicolaus raised their target price on Okta from $115.00 to $120.00 and gave the company a "buy" rating in a research note on Tuesday, March 4th. BMO Capital Markets lifted their price objective on shares of Okta from $105.00 to $130.00 and gave the stock a "market perform" rating in a research note on Monday, March 10th. BTIG Research reiterated a "buy" rating on shares of Okta in a report on Tuesday, March 4th. Robert W. Baird raised their target price on shares of Okta from $115.00 to $130.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. Finally, Roth Capital started coverage on Okta in a report on Wednesday, April 23rd. They issued a "buy" rating and a $119.00 price target on the stock. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $116.80.

Insider Activity at Okta

In other Okta news, insider Larissa Schwartz sold 11,552 shares of the company's stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $114.09, for a total transaction of $1,317,967.68. Following the completion of the sale, the insider now directly owns 22,125 shares in the company, valued at $2,524,241.25. This represents a 34.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Jonathan James Addison sold 7,005 shares of Okta stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $101.19, for a total value of $708,835.95. Following the completion of the transaction, the executive now owns 19,067 shares in the company, valued at $1,929,389.73. The trade was a 26.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 154,452 shares of company stock worth $16,347,360. 7.00% of the stock is owned by insiders.

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.