KLP Kapitalforvaltning AS Takes $8.11 Million Position in Okta, Inc. (NASDAQ:OKTA)

KLP Kapitalforvaltning AS bought a new stake in Okta, Inc. (NASDAQ:OKTA) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 102,900 shares of the company’s stock, valued at approximately $8,109,000. KLP Kapitalforvaltning AS owned about 0.06% of Okta at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OKTA. Paloma Partners Management Co purchased a new position in shares of Okta during the third quarter worth about $969,000. SBI Securities Co. Ltd. purchased a new position in Okta during the 4th quarter worth approximately $1,686,000. Stifel Financial Corp increased its position in Okta by 56.1% during the third quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock worth $2,770,000 after buying an additional 13,387 shares during the period. Nordea Investment Management AB lifted its stake in Okta by 1,150.2% in the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock valued at $33,146,000 after buying an additional 382,190 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Okta by 7.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock worth $8,813,000 after acquiring an additional 8,239 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Jefferies Financial Group increased their price target on shares of Okta from $90.00 to $110.00 and gave the stock a “hold” rating in a research note on Tuesday, March 4th. Westpark Capital reissued a “buy” rating and set a $140.00 price target on shares of Okta in a report on Friday, February 28th. Citigroup upped their price objective on Okta from $100.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, March 4th. Canaccord Genuity Group lifted their target price on Okta from $94.00 to $100.00 and gave the company a “hold” rating in a research note on Tuesday, March 4th. Finally, Oppenheimer upped their price target on Okta from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note 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 assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $115.29.

Okta Stock Performance

NASDAQ OKTA opened at $116.38 on Tuesday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The stock has a market cap of $20.20 billion, a price-to-earnings ratio of -332.51, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. Okta, Inc. has a fifty-two week low of $70.56 and a fifty-two week high of $118.07. The business has a fifty day moving average of $98.14 and a 200-day moving average of $84.73.

Insider Activity at Okta

In other Okta news, CFO Brett Tighe sold 5,000 shares of Okta stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $89.00, for a total value of $445,000.00. Following the transaction, the chief financial officer now owns 112,533 shares in the company, valued at $10,015,437. This trade represents a 4.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Larissa Schwartz sold 2,704 shares of the company’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $80.50, for a total value of $217,672.00. Following the sale, the insider now owns 24,462 shares of the company’s stock, valued at approximately $1,969,191. The trade was a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 763,901 shares of company stock valued at $70,880,205. 7.00% of the stock is 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.