Arrowstreet Capital Limited Partnership Purchases 440,171 Shares of Okta, Inc. (NASDAQ:OKTA)

Arrowstreet Capital Limited Partnership lifted its position in Okta, Inc. (NASDAQ:OKTA) by 54.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,241,220 shares of the company’s stock after purchasing an additional 440,171 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.72% of Okta worth $97,808,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Allstate Corp bought a new stake in Okta during the 4th quarter valued at approximately $377,000. Brown Brothers Harriman & Co. bought a new stake in shares of Okta during the fourth quarter valued at approximately $43,000. DnB Asset Management AS lifted its holdings in shares of Okta by 4.9% in the fourth quarter. DnB Asset Management AS now owns 28,423 shares of the company’s stock worth $2,240,000 after buying an additional 1,315 shares in the last quarter. Norges Bank bought a new position in shares of Okta during the fourth quarter worth $234,992,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd grew its stake in Okta by 5.7% during the fourth quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 65,931 shares of the company’s stock valued at $5,195,000 after acquiring an additional 3,558 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

OKTA has been the topic of several research analyst reports. UBS Group set a $135.00 price target on shares of Okta in a research note on Tuesday, March 4th. Westpark Capital reiterated a “buy” rating and issued a $140.00 target price on shares of Okta in a research report on Friday, February 28th. Stifel Nicolaus raised their price target on Okta from $115.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, March 4th. Truist Financial boosted their price target on shares of Okta from $92.00 to $100.00 and gave the stock a “hold” rating in a research report on Tuesday, March 4th. Finally, Mizuho upgraded Okta from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $110.00 to $127.00 in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and nineteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $115.75.

Okta Trading Down 2.6 %

NASDAQ:OKTA opened at $105.22 on Tuesday. The firm has a 50-day simple moving average of $100.69 and a 200-day simple moving average of $86.10. Okta, Inc. has a one year low of $70.56 and a one year high of $118.07. The firm has a market cap of $18.27 billion, a P/E ratio of -300.63, a P/E/G ratio of 6.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34.

Insider Buying and Selling

In other Okta news, CFO Brett Tighe sold 5,000 shares of the business’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 completion of the transaction, the chief financial officer now directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Larissa Schwartz sold 11,552 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now directly owns 22,125 shares of the company’s stock, valued at $2,524,241.25. The trade was a 34.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 761,197 shares of company stock valued at $70,662,533 over the last 90 days. Corporate insiders own 7.00% of the company’s stock.

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.