Norges Bank Makes New $234.99 Million Investment in Okta, Inc. (NASDAQ:OKTA)

Norges Bank purchased a new stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 2,982,138 shares of the company's stock, valued at approximately $234,992,000. Norges Bank owned 1.74% of Okta as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of Jackson Hole Trust bought a new stake in Okta during the fourth quarter valued at $25,000. Itau Unibanco Holding S.A. purchased a new stake in shares of Okta in the 3rd quarter valued at about $25,000. Legacy Investment Solutions LLC bought a new stake in shares of Okta during the 3rd quarter valued at about $32,000. TD Private Client Wealth LLC grew its holdings in shares of Okta by 3,507.7% during the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company's stock worth $37,000 after purchasing an additional 456 shares in the last quarter. Finally, Wingate Wealth Advisors Inc. bought a new position in shares of Okta in the fourth quarter worth approximately $44,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on OKTA. Needham & Company LLC reissued a "buy" rating and issued a $115.00 price target on shares of Okta in a research note on Tuesday, March 4th. Robert W. Baird upped their target price on shares of Okta from $115.00 to $130.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. KeyCorp raised their price target on Okta from $125.00 to $135.00 and gave the company an "overweight" rating in a research report on Tuesday, March 4th. Scotiabank upped their price objective on Okta from $94.00 to $109.00 and gave the stock a "sector perform" rating in a report on Tuesday, March 4th. Finally, Stephens started coverage on Okta in a report on Tuesday. They set an "equal weight" rating and a $127.00 price objective on the stock. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Okta presently has an average rating of "Moderate Buy" and a consensus target price of $116.09.

Insider Buying and Selling at Okta

In other news, Director Jacques Frederic Kerrest sold 390,000 shares of the company's stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $87.09, for a total value of $33,965,100.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Brett Tighe sold 5,000 shares of the company's 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 in the company, valued at $10,015,437. This trade represents a 4.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 761,197 shares of company stock valued at $70,662,533. 7.00% of the stock is currently owned by company insiders.

Okta Stock Down 8.3 %

Shares of NASDAQ:OKTA traded down $8.34 during trading on Friday, hitting $91.93. The stock had a trading volume of 7,543,540 shares, compared to its average volume of 2,471,264. The company has a market capitalization of $15.96 billion, a PE ratio of -262.66, a PEG ratio of 6.42 and a beta of 1.06. The firm's fifty day moving average is $101.64 and its 200 day moving average is $86.67. 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.

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.