Point72 Asset Management L.P. Acquires 1,572,786 Shares of Okta, Inc. (NASDAQ:OKTA)

Point72 Asset Management L.P. raised its position in Okta, Inc. (NASDAQ:OKTA - Free Report) by 236.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,236,942 shares of the company's stock after acquiring an additional 1,572,786 shares during the period. Point72 Asset Management L.P. owned about 1.31% of Okta worth $176,271,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the company. Marshall Wace LLP grew its position in Okta by 35.5% during the 4th quarter. Marshall Wace LLP now owns 3,583,937 shares of the company's stock worth $282,414,000 after acquiring an additional 938,509 shares during the last quarter. Norges Bank bought a new position in Okta during the fourth quarter worth about $234,992,000. Geode Capital Management LLC grew its holdings in Okta by 5.3% during the fourth quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company's stock valued at $212,385,000 after purchasing an additional 135,110 shares during the period. Ameriprise Financial Inc. grew its holdings in shares of Okta by 2,135.7% in the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company's stock valued at $150,845,000 after buying an additional 1,828,630 shares during the period. Finally, Alyeska Investment Group L.P. increased its holdings in shares of Okta by 2,309.4% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company's stock worth $139,693,000 after acquiring an additional 1,699,176 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Okta news, insider Eric Robert Kelleher sold 5,895 shares of the firm's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $113.75, for a total value of $670,556.25. Following the transaction, the insider now directly owns 9,828 shares of the company's stock, valued at approximately $1,117,935. This trade represents a 37.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Larissa Schwartz sold 11,552 shares of the business's stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total value of $1,317,967.68. Following the sale, the insider now directly owns 22,125 shares of the company's stock, valued at $2,524,241.25. This represents a 34.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 154,452 shares of company stock worth $16,347,360. Company insiders own 5.68% of the company's stock.

Okta Trading Down 0.8%

Shares of OKTA traded down $0.98 during trading hours on Tuesday, hitting $125.46. 696,584 shares of the stock were exchanged, compared to its average volume of 3,346,348. Okta, Inc. has a fifty-two week low of $70.56 and a fifty-two week high of $127.57. The business has a 50-day moving average of $108.50 and a 200-day moving average of $94.53. The firm has a market capitalization of $21.78 billion, a P/E ratio of -358.16, a price-to-earnings-growth ratio of 6.42 and a beta of 0.96. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34.

Analysts Set New Price Targets

A number of brokerages recently commented on OKTA. Loop Capital assumed coverage on shares of Okta in a report on Monday, May 5th. They set a "buy" rating and a $140.00 price objective on the stock. BMO Capital Markets raised their price objective on Okta from $130.00 to $135.00 and gave the company a "market perform" rating in a research report on Wednesday, May 14th. Guggenheim increased their price target on shares of Okta from $130.00 to $140.00 and gave the company a "buy" rating in a report on Tuesday. Stifel Nicolaus boosted their target price on shares of Okta from $115.00 to $120.00 and gave the company a "buy" rating in a research report on Tuesday, March 4th. Finally, Oppenheimer increased their price target on Okta from $125.00 to $135.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $118.03.

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.