Invesco Ltd. Cuts Stake in Okta, Inc. (NASDAQ:OKTA)

Invesco Ltd. lessened its position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 3.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 295,138 shares of the company's stock after selling 11,917 shares during the quarter. Invesco Ltd. owned approximately 0.17% of Okta worth $23,257,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Norges Bank purchased a new stake in shares of Okta in the fourth quarter valued at approximately $234,992,000. Geode Capital Management LLC increased its position in shares of Okta by 5.3% during the fourth quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company's stock worth $212,385,000 after purchasing an additional 135,110 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Okta by 54.9% during the fourth 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 last quarter. Charles Schwab Investment Management Inc. raised its position in Okta by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company's stock valued at $87,903,000 after purchasing an additional 46,064 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its holdings in Okta by 570.5% during the 4th 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 during the period. Institutional investors and hedge funds own 86.64% of the company's stock.

Analysts Set New Price Targets

OKTA has been the subject of several research analyst reports. UBS Group set a $135.00 target price on shares of Okta in a report on Tuesday, March 4th. Morgan Stanley cut their price target on shares of Okta from $125.00 to $123.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Canaccord Genuity Group raised their price objective on Okta from $94.00 to $100.00 and gave the stock a "hold" rating in a report on Tuesday, March 4th. BMO Capital Markets raised their target price on Okta from $105.00 to $130.00 and gave the company a "market perform" rating in a report on Monday, March 10th. Finally, Roth Capital assumed coverage on shares of Okta in a report on Wednesday. They set a "buy" rating and a $119.00 price objective for the company. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $116.12.

Insiders Place Their Bets

In other news, CRO Jonathan James Addison sold 7,005 shares of Okta stock in a transaction on Friday, April 11th. The stock was sold at an average price of $101.19, for a total value of $708,835.95. Following the completion of the sale, the executive now directly owns 19,067 shares of the company's stock, valued at approximately $1,929,389.73. The trade was a 26.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Brett Tighe sold 5,000 shares of the firm's stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $94.56, for a total value of $472,800.00. Following the sale, the chief financial officer now directly owns 102,533 shares in the company, valued at $9,695,520.48. This trade represents a 4.65 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 362,192 shares of company stock worth $35,988,856. 7.00% of the stock is owned by corporate insiders.

Okta Stock Performance

Shares of OKTA traded up $3.33 during trading hours on Thursday, reaching $101.66. 405,264 shares of the company traded hands, compared to its average volume of 2,559,884. The business has a fifty day moving average price of $102.19 and a 200-day moving average price of $89.00. The stock has a market capitalization of $17.65 billion, a P/E ratio of -290.33, a P/E/G ratio of 6.42 and a beta of 1.07. Okta, Inc. has a 12-month low of $70.56 and a 12-month high of $118.07. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

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.