Harvest Fund Management Co. Ltd Buys Shares of 4,701 Okta, Inc. (NASDAQ:OKTA)

Harvest Fund Management Co. Ltd bought a new stake in Okta, Inc. (NASDAQ:OKTA) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 4,701 shares of the company’s stock, valued at approximately $367,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OKTA. Itau Unibanco Holding S.A. purchased a new position in Okta in the third quarter valued at about $25,000. Bank of Jackson Hole Trust bought a new stake in shares of Okta in the fourth quarter valued at approximately $25,000. Legacy Investment Solutions LLC bought a new stake in shares of Okta in the third quarter valued at approximately $32,000. Modus Advisors LLC bought a new stake in shares of Okta in the fourth quarter valued at approximately $44,000. Finally, Wingate Wealth Advisors Inc. bought a new stake in shares of Okta in the fourth quarter valued at approximately $44,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on OKTA shares. DA Davidson raised shares of Okta from a “neutral” rating to a “buy” rating and boosted their price target for the company from $90.00 to $125.00 in a research report on Tuesday, March 4th. KeyCorp boosted their price target on shares of Okta from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Tuesday, March 4th. Canaccord Genuity Group boosted their price target on shares of Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. BMO Capital Markets upped their target price on shares of Okta from $105.00 to $130.00 and gave the stock a “market perform” rating in a report on Monday, March 10th. Finally, UBS Group set a $135.00 target price on shares of Okta in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $115.29.

Insider Activity at Okta

In related news, insider Larissa Schwartz sold 11,552 shares of the stock in a transaction on 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 transaction, the insider now owns 22,125 shares of the company’s stock, valued at approximately $2,524,241.25. This trade represents a 34.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brett Tighe sold 5,000 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total transaction of $445,000.00. Following the completion of the sale, the chief financial officer now directly owns 112,533 shares in the company, valued at approximately $10,015,437. This trade represents a 4.25 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 763,901 shares of company stock valued at $70,880,205. Insiders own 7.00% of the company’s stock.

Okta Price Performance

OKTA stock opened at $113.74 on Friday. 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 52 week low of $70.56 and a 52 week high of $116.96. The firm’s fifty day moving average is $97.48 and its 200 day moving average is $84.32. The firm has a market cap of $19.75 billion, a P/E ratio of -324.97, a P/E/G ratio of 6.42 and a beta of 1.09.

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.