Okta, Inc. (NASDAQ:OKTA) Position Increased by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Okta, Inc. (NASDAQ:OKTA - Free Report) by 12.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 120,834 shares of the company's stock after buying an additional 13,279 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.07% of Okta worth $9,759,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its holdings 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 last quarter. Point72 Asset Management L.P. purchased a new position in Okta during the third quarter valued at approximately $49,373,000. Connor Clark & Lunn Investment Management Ltd. boosted its position in Okta by 58.8% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 568,797 shares of the company's stock worth $44,821,000 after purchasing an additional 210,615 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Okta by 138.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 554,633 shares of the company's stock valued at $43,721,000 after purchasing an additional 322,201 shares during the period. Finally, Stephens Investment Management Group LLC boosted its stake in shares of Okta by 10.3% during the 4th quarter. Stephens Investment Management Group LLC now owns 452,307 shares of the company's stock worth $35,642,000 after acquiring an additional 42,176 shares in the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

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Okta Trading Down 8.4 %

Okta stock traded down $8.42 during midday trading on Friday, reaching $91.85. The stock had a trading volume of 4,812,502 shares, compared to its average volume of 2,458,962. The stock's 50-day simple moving average is $101.58 and its 200 day simple moving average is $86.54. The stock has a market capitalization of $15.94 billion, a PE ratio of -263.36, a price-to-earnings-growth ratio of 6.42 and a beta of 1.06. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $118.07. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34.

Insider Buying and Selling at Okta

In other Okta news, insider Larissa Schwartz sold 2,704 shares of the company's stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $89.58, for a total value of $242,224.32. Following the completion of the transaction, the insider now directly owns 23,311 shares of the company's stock, valued at $2,088,199.38. This represents a 10.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jacques Frederic Kerrest sold 390,000 shares of the stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $87.09, for a total value of $33,965,100.00. The disclosure for this sale can be found here. Insiders have sold 761,197 shares of company stock valued at $70,662,533 over the last three months. 7.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on OKTA shares. Westpark Capital restated a "buy" rating and issued a $140.00 price objective on shares of Okta in a report on Friday, February 28th. KeyCorp lifted their price target on shares of Okta from $125.00 to $135.00 and gave the company an "overweight" rating in a research report on Tuesday, March 4th. JPMorgan Chase & Co. raised their target price on Okta from $100.00 to $105.00 and gave the stock an "overweight" rating in a research note on Friday, February 28th. Royal Bank of Canada upped their price target on Okta from $115.00 to $120.00 and gave the company an "outperform" rating in a research note on Tuesday, March 4th. Finally, Stephens assumed coverage on Okta in a research report on Tuesday. They set an "equal weight" rating and a $127.00 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 one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus 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.