Norges Bank Makes New $150.79 Million Investment in Okta, Inc. (NASDAQ:OKTA)

Norges Bank acquired a new position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,665,684 shares of the company's stock, valued at approximately $150,794,000. Norges Bank owned approximately 1.01% of Okta as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Blue Zone Wealth Advisors LLC raised its stake in shares of Okta by 2.7% during the 4th quarter. Blue Zone Wealth Advisors LLC now owns 5,142 shares of the company's stock worth $466,000 after buying an additional 134 shares during the last quarter. Creative Financial Designs Inc. ADV boosted its holdings in shares of Okta by 7.7% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 1,926 shares of the company's stock worth $174,000 after purchasing an additional 138 shares during the last quarter. Choreo LLC increased its stake in Okta by 5.0% in the third quarter. Choreo LLC now owns 3,366 shares of the company's stock valued at $274,000 after purchasing an additional 160 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its position in Okta by 1.3% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 15,136 shares of the company's stock worth $1,370,000 after buying an additional 189 shares during the period. Finally, Cary Street Partners Investment Advisory LLC increased its stake in shares of Okta by 19.2% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 1,207 shares of the company's stock valued at $98,000 after acquiring an additional 194 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Okta Trading Down 1.6 %

Shares of OKTA stock traded down $1.58 during trading hours on Friday, reaching $97.16. 1,432,346 shares of the stock traded hands, compared to its average volume of 1,793,028. The business has a fifty day moving average price of $99.19 and a 200 day moving average price of $89.45. Okta, Inc. has a 1-year low of $65.04 and a 1-year high of $114.50. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $16.26 billion, a PE ratio of -44.77 and a beta of 0.98.

Okta (NASDAQ:OKTA - Get Free Report) last posted its earnings results on Wednesday, February 28th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.49) by $0.35. Okta had a negative net margin of 15.69% and a negative return on equity of 5.69%. The firm had revenue of $605.00 million for the quarter, compared to the consensus estimate of $586.25 million. On average, equities research analysts forecast that Okta, Inc. will post -1.51 EPS for the current year.

Insider Activity at Okta

In other news, CAO Shibu Ninan sold 4,279 shares of the company's stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $104.14, for a total value of $445,615.06. Following the sale, the chief accounting officer now owns 4,111 shares of the company's stock, valued at approximately $428,119.54. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Shellye L. Archambeau sold 5,000 shares of the business's stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $106.96, for a total value of $534,800.00. Following the completion of the transaction, the director now owns 6,042 shares of the company's stock, valued at approximately $646,252.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Shibu Ninan sold 4,279 shares of the firm's stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $104.14, for a total value of $445,615.06. Following the sale, the chief accounting officer now directly owns 4,111 shares in the company, valued at approximately $428,119.54. The disclosure for this sale can be found here. 7.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Susquehanna lifted their target price on shares of Okta from $70.00 to $115.00 and gave the company a "neutral" rating in a report on Monday, March 4th. Robert W. Baird upped their price target on Okta from $90.00 to $108.00 and gave the stock an "outperform" rating in a report on Thursday, February 29th. Canaccord Genuity Group lifted their price objective on shares of Okta from $85.00 to $95.00 and gave the company a "hold" rating in a research note on Thursday, February 29th. Sanford C. Bernstein upped their target price on Okta from $84.00 to $114.00 and gave the company a "market perform" rating in a research report on Thursday, February 29th. Finally, Piper Sandler lifted their price target on shares of Okta from $85.00 to $110.00 and gave the stock a "neutral" rating in a research note on Thursday, February 29th. Twenty research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $101.84.

Okta 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.