CANADA LIFE ASSURANCE Co Trims Stake in Okta, Inc. (NASDAQ:OKTA)

CANADA LIFE ASSURANCE Co decreased its position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 14.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 242,770 shares of the company's stock after selling 41,410 shares during the period. CANADA LIFE ASSURANCE Co owned about 0.14% of Okta worth $19,128,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Marshall Wace LLP grew its holdings in shares of Okta by 35.5% during the 4th 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 fourth quarter worth $234,992,000. Geode Capital Management LLC increased its holdings 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 buying an additional 135,110 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of 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 buying an additional 440,171 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Okta by 4.3% during the 4th 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 in the last quarter. 86.64% of the stock is owned by institutional investors.

Okta Stock Performance

Shares of Okta stock traded up $3.21 during mid-day trading on Thursday, hitting $101.54. 1,598,548 shares of the stock were exchanged, compared to its average volume of 2,569,424. Okta, Inc. has a 12 month low of $70.56 and a 12 month high of $118.07. The company has a 50-day simple moving average of $102.19 and a 200 day simple moving average of $89.00. The company has a market capitalization of $17.63 billion, a P/E ratio of -290.11, a P/E/G ratio of 6.42 and a beta of 1.07. 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

In other Okta news, CFO Brett Tighe sold 5,000 shares of the business's stock in a transaction on 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. The trade was a 4.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Larissa Schwartz sold 11,552 shares of the stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total transaction of $1,317,967.68. Following the transaction, the insider now owns 22,125 shares of the company's stock, valued at $2,524,241.25. This represents a 34.30 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 362,192 shares of company stock worth $35,988,856. 7.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on OKTA. BMO Capital Markets upped their target price on Okta from $105.00 to $130.00 and gave the stock a "market perform" rating in a report on Monday, March 10th. Stephens assumed coverage on shares of Okta in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $127.00 price objective on the stock. Truist Financial raised their target price on Okta from $92.00 to $100.00 and gave the stock a "hold" rating in a research report on Tuesday, March 4th. Oppenheimer upped their price target on Okta from $125.00 to $135.00 and gave the company an "outperform" rating in a research report on Tuesday, March 4th. Finally, Roth Capital began coverage on Okta in a research 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 assigned a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $116.12.

Okta 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.