Allstate Corp Makes New $377,000 Investment in Okta, Inc. (NASDAQ:OKTA)

Allstate Corp bought a new position in Okta, Inc. (NASDAQ:OKTA - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,790 shares of the company's stock, valued at approximately $377,000.

Several other institutional investors also recently bought and sold shares of OKTA. Frank Rimerman Advisors LLC grew its stake in shares of Okta by 2.4% during the 4th quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company's stock worth $352,000 after purchasing an additional 105 shares during the period. Stephens Inc. AR boosted its holdings in Okta by 5.0% during the fourth quarter. Stephens Inc. AR now owns 3,296 shares of the company's stock worth $260,000 after buying an additional 157 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Okta by 2.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,135 shares of the company's stock worth $605,000 after buying an additional 180 shares in the last quarter. Great Lakes Advisors LLC grew its position in Okta by 2.7% during the fourth quarter. Great Lakes Advisors LLC now owns 7,070 shares of the company's stock valued at $557,000 after buying an additional 184 shares during the period. Finally, CHICAGO TRUST Co NA increased its holdings in Okta by 6.5% in the fourth quarter. CHICAGO TRUST Co NA now owns 3,120 shares of the company's stock valued at $246,000 after buying an additional 191 shares in the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Okta Trading Down 8.3 %

OKTA stock traded down $8.34 during midday trading on Friday, hitting $91.93. 7,543,540 shares of the company's stock were exchanged, compared to its average volume of 2,471,264. Okta, Inc. has a 1-year low of $70.56 and a 1-year high of $118.07. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $15.96 billion, a PE ratio of -262.66, a P/E/G ratio of 6.42 and a beta of 1.06. The business has a 50-day simple moving average of $101.64 and a two-hundred day simple moving average of $86.67.

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Insider Buying and Selling

In other news, Director Jacques Frederic Kerrest sold 3,306 shares of the company's stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $88.85, for a total value of $293,738.10. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Larissa Schwartz sold 2,704 shares of Okta stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $89.58, for a total transaction of $242,224.32. Following the completion of the sale, the insider now owns 23,311 shares of the company's stock, valued at $2,088,199.38. This trade represents a 10.39 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 761,197 shares of company stock valued at $70,662,533. 7.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on OKTA shares. Sanford C. Bernstein lowered their target price on shares of Okta from $129.00 to $124.00 and set an "outperform" rating on the stock in a research note on Tuesday, December 17th. Truist Financial increased their price target on Okta from $92.00 to $100.00 and gave the stock a "hold" rating in a research report on Tuesday, March 4th. Cantor Fitzgerald started coverage on Okta in a research report on Monday. They issued an "overweight" rating and a $130.00 price objective for the company. Susquehanna increased their target price on Okta from $95.00 to $105.00 and gave the company a "neutral" rating in a research report on Tuesday, March 4th. Finally, Stifel Nicolaus boosted their price target on shares of Okta from $115.00 to $120.00 and gave the stock a "buy" rating in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Okta presently has an average rating of "Moderate Buy" and a consensus price target of $116.09.

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.