Hudson Bay Capital Management LP Buys New Shares in Okta, Inc. (NASDAQ:OKTA)

Hudson Bay Capital Management LP purchased a new stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 500,000 shares of the company's stock, valued at approximately $39,400,000. Hudson Bay Capital Management LP owned about 0.29% of Okta at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Frank Rimerman Advisors LLC grew its holdings in shares of Okta by 2.4% in the fourth quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company's stock worth $352,000 after purchasing an additional 105 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Okta by 1.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 7,873 shares of the company's stock valued at $620,000 after buying an additional 136 shares during the period. Stephens Inc. AR grew its holdings in Okta by 5.0% in the 4th quarter. Stephens Inc. AR now owns 3,296 shares of the company's stock worth $260,000 after acquiring an additional 157 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its position in shares of Okta by 3.1% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 5,646 shares of the company's stock valued at $445,000 after acquiring an additional 171 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Okta by 2.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,135 shares of the company's stock valued at $605,000 after acquiring an additional 180 shares during the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Okta Stock Performance

Shares of NASDAQ:OKTA traded down $0.12 during midday trading on Tuesday, reaching $124.05. 2,899,348 shares of the company's stock traded hands, compared to its average volume of 2,767,733. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta, Inc. has a one year low of $70.56 and a one year high of $124.89. The company has a market cap 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. The stock has a 50 day moving average of $107.14 and a 200 day moving average of $92.92.

Analyst Ratings Changes

OKTA has been the topic of several recent analyst reports. Needham & Company LLC reissued a "buy" rating and issued a $115.00 target price on shares of Okta in a research note on Tuesday, March 4th. Citigroup boosted their target price on Okta from $100.00 to $110.00 and gave the company a "neutral" rating in a research note on Tuesday, March 4th. Mizuho upgraded Okta from a "neutral" rating to an "outperform" rating and upped their target price for the company from $110.00 to $127.00 in a report on Tuesday, March 4th. Wells Fargo & Company lifted their price target on shares of Okta from $95.00 to $100.00 and gave the company an "equal weight" rating in a report on Tuesday, March 4th. Finally, Susquehanna upped their price objective on shares of Okta from $95.00 to $105.00 and gave the stock a "neutral" rating in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $116.80.

Insider Activity

In related news, insider Eric Robert Kelleher sold 5,895 shares of the company's stock in a transaction on Monday, March 17th. The stock was 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 approximately $1,117,935. This represents a 37.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Larissa Schwartz sold 11,552 shares of the stock in a transaction dated 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 completion of the transaction, the insider now directly owns 22,125 shares in the company, valued at approximately $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 a total of 154,452 shares of company stock valued at $16,347,360 in the last 90 days. 7.00% of the stock is currently owned by insiders.

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.