Forum Financial Management LP Makes New $333,000 Investment in Okta, Inc. (NASDAQ:OKTA)

Forum Financial Management LP bought a new position in Okta, Inc. (NASDAQ:OKTA - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 4,231 shares of the company's stock, valued at approximately $333,000.

Other hedge funds also recently modified their holdings of the company. Marshall Wace LLP grew its holdings in Okta by 35.5% during the fourth quarter. Marshall Wace LLP now owns 3,583,937 shares of the company's stock valued at $282,414,000 after purchasing an additional 938,509 shares during the last quarter. Norges Bank bought a new stake in shares of Okta during the 4th quarter worth $234,992,000. Geode Capital Management LLC grew its stake 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 raised its holdings in Okta by 54.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,241,220 shares of the company's stock worth $97,808,000 after acquiring an additional 440,171 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Okta by 4.3% during 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 last quarter. Institutional investors and hedge funds own 86.64% of the company's stock.

Okta Trading Up 3.3 %

Shares of OKTA traded up $3.21 during trading hours on Thursday, hitting $101.54. 1,598,548 shares of the stock traded hands, compared to its average volume of 2,569,424. The business has a fifty day moving average of $102.29 and a 200-day moving average of $89.21. 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 firm has a market capitalization of $17.63 billion, a PE ratio of -290.11, a price-to-earnings-growth ratio of 6.42 and a beta of 1.07. Okta, Inc. has a 1-year low of $70.56 and a 1-year high of $118.07.

Analysts Set New Price Targets

A number of equities analysts have recently commented on OKTA shares. Morgan Stanley dropped their price objective on Okta from $125.00 to $123.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Mizuho raised 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. Cantor Fitzgerald started coverage on Okta in a research report on Monday, March 31st. They issued an "overweight" rating and a $130.00 price objective for the company. Citigroup boosted their target price on shares of Okta from $100.00 to $110.00 and gave the stock a "neutral" rating in a research report on Tuesday, March 4th. Finally, Truist Financial increased their price target on shares of Okta from $92.00 to $100.00 and gave the company a "hold" 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 given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $116.12.

Insider Activity

In other news, CFO Brett Tighe sold 5,000 shares of the business's stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $94.76, for a total transaction of $473,800.00. Following the completion of the transaction, the chief financial officer now directly owns 97,533 shares in the company, valued at approximately $9,242,227.08. The trade was a 4.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jacques Frederic Kerrest sold 130,000 shares of Okta stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $93.00, for a total transaction of $12,090,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 362,192 shares of company stock valued at $35,988,856. 7.00% of the stock is currently owned by insiders.

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.