Okta, Inc. (NASDAQ:OKTA) Shares Purchased by AlphaQuest LLC

AlphaQuest LLC increased its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 43.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,251 shares of the company’s stock after purchasing an additional 3,117 shares during the quarter. AlphaQuest LLC’s holdings in Okta were worth $808,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Paloma Partners Management Co acquired a new stake in shares of Okta during the third quarter worth $969,000. SBI Securities Co. Ltd. purchased a new position in Okta in the fourth quarter worth $1,686,000. Stifel Financial Corp raised its position in Okta by 56.1% in the third quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock worth $2,770,000 after acquiring an additional 13,387 shares in the last quarter. Nordea Investment Management AB raised its position in Okta by 1,150.2% in the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock worth $33,146,000 after acquiring an additional 382,190 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in Okta by 105.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock worth $26,627,000 after acquiring an additional 184,107 shares in the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have issued reports on OKTA. Jefferies Financial Group increased their price objective on Okta from $90.00 to $110.00 and gave the stock a “hold” rating in a research report on Tuesday, March 4th. DA Davidson upgraded Okta from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $90.00 to $125.00 in a research report on Tuesday, March 4th. JMP Securities reiterated a “market perform” rating on shares of Okta in a research report on Wednesday, December 4th. Citigroup raised their price target on Okta from $100.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, March 4th. Finally, BMO Capital Markets raised their price target on Okta from $105.00 to $130.00 and gave the company a “market perform” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $114.39.

Okta Stock Down 6.4 %

Shares of NASDAQ:OKTA opened at $105.19 on Tuesday. The stock’s 50-day moving average price is $92.23 and its two-hundred day moving average price is $82.85. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta, Inc. has a 12-month low of $70.56 and a 12-month high of $116.96. The firm has a market cap of $18.02 billion, a price-to-earnings ratio of -300.54, a PEG ratio of 6.42 and a beta of 1.09.

Insiders Place Their Bets

In related news, Director Jacques Frederic Kerrest sold 130,000 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $105.00, for a total transaction of $13,650,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Brett Tighe sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $89.00, for a total value of $445,000.00. Following the sale, the chief financial officer now owns 112,533 shares in the company, valued at approximately $10,015,437. The trade was a 4.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 979,482 shares of company stock valued at $88,072,216. Insiders own 7.00% of the company’s stock.

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.