Norges Bank Purchases Shares of 2,982,138 Okta, Inc. (NASDAQ:OKTA)

Norges Bank purchased a new stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 2,982,138 shares of the company's stock, valued at approximately $234,992,000. Norges Bank owned approximately 1.74% of Okta at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in OKTA. Charles Schwab Investment Management Inc. boosted its position in shares of 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 acquiring an additional 46,064 shares during the period. Point72 Asset Management L.P. purchased a new stake in shares of Okta in the 3rd quarter valued at about $49,373,000. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Okta by 58.8% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 568,797 shares of the company's stock valued at $44,821,000 after acquiring an additional 210,615 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Okta by 138.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 554,633 shares of the company's stock worth $43,721,000 after purchasing an additional 322,201 shares during the last quarter. Finally, Stephens Investment Management Group LLC raised its stake in Okta by 10.3% in the fourth quarter. Stephens Investment Management Group LLC now owns 452,307 shares of the company's stock valued at $35,642,000 after purchasing an additional 42,176 shares in the last quarter. 86.64% of the stock is owned by institutional investors.

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Insider Activity

In related news, CFO Brett Tighe sold 5,000 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $89.00, for a total value of $445,000.00. Following the completion of the transaction, the chief financial officer now directly owns 112,533 shares of the company's stock, valued at $10,015,437. This trade represents a 4.25 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jacques Frederic Kerrest sold 3,306 shares of the firm's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $88.85, for a total transaction of $293,738.10. The disclosure for this sale can be found here. Over the last 90 days, 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 6.5 %

OKTA traded down $6.50 during trading hours on Friday, reaching $93.78. 2,390,286 shares of the company's stock traded hands, compared to its average volume of 2,450,723. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The firm has a 50-day moving average price of $101.58 and a 200 day moving average price of $86.54. Okta, Inc. has a 52-week low of $70.56 and a 52-week high of $118.07. The firm has a market capitalization of $16.28 billion, a PE ratio of -266.58, a PEG ratio of 6.42 and a beta of 1.06.

Analyst Ratings Changes

OKTA has been the topic of a number of research analyst reports. UBS Group set a $135.00 target price on Okta in a research note on Tuesday, March 4th. The Goldman Sachs Group increased their target price on Okta from $107.00 to $123.00 and gave the company a "buy" rating in a report on Tuesday, March 4th. DA Davidson upgraded Okta from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $90.00 to $125.00 in a report on Tuesday, March 4th. Robert W. Baird lifted their target price on shares of Okta from $115.00 to $130.00 and gave the company an "outperform" rating in a research note on Tuesday, March 4th. Finally, Susquehanna lifted their price objective on Okta from $95.00 to $105.00 and gave the company a "neutral" rating 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 issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Okta has an average rating of "Moderate Buy" and an average target price 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.