Okta, Inc. (NASDAQ:OKTA) Stock Holdings Decreased by Federated Hermes Inc.

Federated Hermes Inc. lowered its stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 62.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 101,344 shares of the company's stock after selling 170,867 shares during the quarter. Federated Hermes Inc. owned approximately 0.06% of Okta worth $7,986,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of OKTA. Norges Bank acquired a new stake in shares of Okta during the fourth quarter worth about $234,992,000. Geode Capital Management LLC grew its position in Okta by 5.3% in the 4th quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company's stock valued at $212,385,000 after buying an additional 135,110 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Okta by 54.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,241,220 shares of the company's stock valued at $97,808,000 after buying an additional 440,171 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Okta by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company's stock worth $87,903,000 after acquiring an additional 46,064 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its holdings in shares of Okta by 570.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 869,362 shares of the company's stock valued at $68,506,000 after acquiring an additional 739,707 shares in the last quarter. Hedge funds and other institutional investors own 86.64% of the company's stock.

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Insider Activity at Okta

In other news, Director Jacques Frederic Kerrest sold 390,000 shares of the company's stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $87.09, for a total value of $33,965,100.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Larissa Schwartz sold 11,552 shares of the business's stock in a transaction that occurred 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 transaction, the insider now directly owns 22,125 shares in the company, valued at $2,524,241.25. This trade represents a 34.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 761,197 shares of company stock worth $70,662,533. Company insiders own 7.00% of the company's stock.

Okta Trading Down 0.4 %

NASDAQ:OKTA traded down $0.36 on Tuesday, hitting $100.52. 1,230,110 shares of the stock were exchanged, compared to its average volume of 2,531,491. The stock has a market cap of $17.45 billion, a PE ratio of -287.20, a PEG ratio of 6.42 and a beta of 1.07. Okta, Inc. has a fifty-two week low of $70.56 and a fifty-two week 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 fifty day moving average of $102.22 and a 200-day moving average of $88.03.

Wall Street Analysts Forecast Growth

OKTA has been the topic of a number of analyst reports. Sanford C. Bernstein lowered their price objective on Okta from $129.00 to $124.00 and set an "outperform" rating on the stock in a report on Tuesday, December 17th. Cantor Fitzgerald started coverage on Okta in a report on Monday, March 31st. They issued an "overweight" rating and a $130.00 target price for the company. JPMorgan Chase & Co. upped their price target on shares of Okta from $100.00 to $105.00 and gave the stock an "overweight" rating in a research note on Friday, February 28th. The Goldman Sachs Group boosted their price objective on shares of Okta from $107.00 to $123.00 and gave the stock a "buy" rating in a report on Tuesday, March 4th. Finally, Scotiabank lifted their price target on shares of Okta from $94.00 to $109.00 and gave the company a "sector perform" rating in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $116.09.

About Okta

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.