West Tower Group LLC Invests $236,000 in Okta, Inc. (NASDAQ:OKTA)

West Tower Group LLC purchased a new position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,000 shares of the company's stock, valued at approximately $236,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Metis Global Partners LLC raised its holdings in Okta by 7.1% in the 3rd quarter. Metis Global Partners LLC now owns 3,181 shares of the company's stock valued at $236,000 after acquiring an additional 212 shares during the period. CIBC Asset Management Inc grew its holdings in Okta by 5.4% in the 3rd quarter. CIBC Asset Management Inc now owns 5,650 shares of the company's stock valued at $420,000 after buying an additional 288 shares in the last quarter. Empowered Funds LLC increased its position in Okta by 5.4% during the 3rd quarter. Empowered Funds LLC now owns 5,718 shares of the company's stock worth $425,000 after buying an additional 295 shares during the period. Swiss National Bank lifted its holdings in shares of Okta by 0.8% during the third quarter. Swiss National Bank now owns 477,700 shares of the company's stock worth $35,512,000 after buying an additional 3,600 shares in the last quarter. Finally, Quest Partners LLC boosted its position in shares of Okta by 346.2% in the third quarter. Quest Partners LLC now owns 7,134 shares of the company's stock valued at $530,000 after acquiring an additional 5,535 shares during the period. Institutional investors own 86.64% of the company's stock.

Okta Stock Performance

Shares of OKTA traded up $0.94 during mid-day trading on Friday, hitting $113.74. The stock had a trading volume of 3,497,942 shares, compared to its average volume of 2,374,499. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a market cap of $19.75 billion, a P/E ratio of -324.97, a PEG ratio of 6.42 and a beta of 1.09. Okta, Inc. has a 52 week low of $70.56 and a 52 week high of $116.96. The business has a fifty day moving average price of $97.48 and a 200-day moving average price of $84.38.

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Insider Activity at Okta

In related news, insider Larissa Schwartz sold 2,704 shares of the business's stock in a transaction on Monday, December 30th. The stock was sold at an average price of $80.50, for a total transaction of $217,672.00. Following the sale, the insider now directly owns 24,462 shares in the company, valued at approximately $1,969,191. The trade was a 9.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Eric Robert Kelleher sold 5,895 shares of Okta stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $113.75, for a total value of $670,556.25. Following the transaction, the insider now directly owns 9,828 shares of the company's stock, valued at $1,117,935. The trade was a 37.49 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 763,901 shares of company stock worth $70,880,205. Company insiders own 7.00% of the company's stock.

Analyst Upgrades and Downgrades

OKTA has been the topic of a number of recent research reports. BTIG Research restated a "buy" rating on shares of Okta in a research note on Tuesday, March 4th. Stifel Nicolaus raised their price target on Okta from $115.00 to $120.00 and gave the stock a "buy" rating in a research report on Tuesday, March 4th. UBS Group set a $135.00 price objective on shares of Okta in a research report on Tuesday, March 4th. Piper Sandler increased their price objective on shares of Okta from $85.00 to $90.00 and gave the stock a "neutral" rating in a research note on Wednesday, December 4th. Finally, Robert W. Baird boosted their target price on shares of Okta from $115.00 to $130.00 and gave the company an "outperform" 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 and eighteen have given a buy rating to the company. According to data from MarketBeat, Okta currently has a consensus rating of "Moderate Buy" and a consensus target price of $115.29.

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.