Formula Growth Ltd. lifted its stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 9.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 70,000 shares of the company's stock after buying an additional 6,000 shares during the quarter. Okta comprises about 1.9% of Formula Growth Ltd.'s portfolio, making the stock its 7th largest holding. Formula Growth Ltd.'s holdings in Okta were worth $5,516,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also modified their holdings of OKTA. Virtu Financial LLC acquired a new position in shares of Okta in the third quarter valued at approximately $2,436,000. Sanctuary Advisors LLC increased its position in Okta by 125.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 11,244 shares of the company's stock worth $861,000 after buying an additional 6,265 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Okta during the third quarter worth $108,000. Tidal Investments LLC boosted its position in shares of Okta by 132.0% in the third quarter. Tidal Investments LLC now owns 25,103 shares of the company's stock valued at $1,866,000 after acquiring an additional 14,283 shares during the period. Finally, Oddo BHF Asset Management Sas acquired a new position in shares of Okta in the third quarter valued at about $5,343,000. Institutional investors own 86.64% of the company's stock.
Wall Street Analyst Weigh In
Several research analysts have recently commented on the stock. DA Davidson raised shares of Okta from a "neutral" rating to a "buy" rating and raised their target price for the stock from $90.00 to $125.00 in a report on Tuesday, March 4th. UBS Group set a $135.00 target price on Okta in a report on Tuesday, March 4th. Robert W. Baird boosted their price target on Okta from $115.00 to $130.00 and gave the company an "outperform" rating in a research note on Tuesday, March 4th. Truist Financial increased their price objective on shares of Okta from $92.00 to $100.00 and gave the stock a "hold" rating in a research note on Tuesday, March 4th. Finally, BTIG Research restated a "buy" rating on shares of Okta in a research 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 two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $116.12.
Read Our Latest Report on OKTA
Insider Transactions at Okta
In related news, insider Larissa Schwartz sold 2,740 shares of Okta stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $97.59, for a total value of $267,396.60. Following the sale, the insider now directly owns 22,125 shares in the company, valued at $2,159,178.75. The trade was a 11.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jacques Frederic Kerrest sold 130,000 shares of the company's stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $93.00, for a total value of $12,090,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 362,192 shares of company stock worth $35,988,856. Company insiders own 7.00% of the company's stock.
Okta Stock Performance
Shares of Okta stock traded up $3.43 on Thursday, hitting $101.76. The stock had a trading volume of 638,146 shares, compared to its average volume of 2,560,665. 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 cap of $17.67 billion, a price-to-earnings ratio of -290.56, a P/E/G ratio of 6.42 and a beta of 1.07. The company's 50 day moving average price is $102.19 and its 200 day moving average price is $89.00. Okta, Inc. has a 52-week low of $70.56 and a 52-week high of $118.07.
Okta Company Profile
(
Free Report)
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.
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