Sumitomo Mitsui Trust Group Inc. Increases Holdings in Okta, Inc. (NASDAQ:OKTA)

Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 6.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 363,950 shares of the company's stock after purchasing an additional 21,543 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.21% of Okta worth $28,679,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Itau Unibanco Holding S.A. acquired a new position in shares of Okta in the third quarter worth about $25,000. Blue Trust Inc. boosted its holdings in shares of Okta by 105.5% during the third quarter. Blue Trust Inc. now owns 372 shares of the company's stock worth $28,000 after purchasing an additional 191 shares during the period. Legacy Investment Solutions LLC acquired a new stake in shares of Okta during the third quarter worth approximately $32,000. Modus Advisors LLC acquired a new stake in shares of Okta during the fourth quarter worth approximately $44,000. Finally, Planning Capital Management Corp bought a new position in Okta during the third quarter valued at approximately $49,000. Institutional investors own 86.64% of the company's stock.

Okta Stock Down 4.0 %

Shares of OKTA traded down $3.97 on Friday, hitting $96.29. The company's stock had a trading volume of 2,954,818 shares, compared to its average volume of 2,366,723. 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's fifty day moving average price is $87.42 and its 200-day moving average price is $82.26. Okta, Inc. has a fifty-two week low of $70.56 and a fifty-two week high of $114.50. The firm has a market capitalization of $16.50 billion, a price-to-earnings ratio of -275.11, a P/E/G ratio of 6.58 and a beta of 1.03.

Analyst Upgrades and Downgrades

OKTA has been the topic of several recent research reports. Sanford C. Bernstein cut their price objective on shares of Okta from $129.00 to $124.00 and set an "outperform" rating on the stock in a research report on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft lowered shares of Okta from a "buy" rating to a "hold" rating and dropped their price target for the company from $115.00 to $85.00 in a research report on Tuesday, November 12th. Guggenheim reissued a "buy" rating and issued a $130.00 price target on shares of Okta in a research report on Wednesday, December 4th. JPMorgan Chase & Co. raised shares of Okta from a "neutral" rating to an "overweight" rating and set a $100.00 price target on the stock in a research report on Monday, December 16th. Finally, Citigroup lifted their price target on shares of Okta from $95.00 to $100.00 and gave the company a "neutral" rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $105.45.

Insider Activity at Okta

In other news, CFO Brett Tighe sold 5,000 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total value of $445,000.00. Following the completion of the sale, the chief financial officer now owns 112,533 shares of the company's stock, valued at approximately $10,015,437. This represents a 4.25 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Todd Mckinnon sold 233,028 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $82.31, for a total value of $19,180,534.68. The disclosure for this sale can be found here. In the last three months, insiders sold 980,908 shares of company stock worth $85,025,665. 7.00% of the stock is owned by company insiders.

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.