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

Norges Bank purchased a new position in Okta, Inc. (NASDAQ:OKTA) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 2,982,138 shares of the company’s stock, valued at approximately $234,992,000.

A number of other large investors also recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its holdings 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 in the last quarter. Point72 Asset Management L.P. acquired a new stake in Okta in the third quarter worth approximately $49,373,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in 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 purchasing an additional 210,615 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Okta by 138.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 554,633 shares of the company’s stock valued at $43,721,000 after purchasing an additional 322,201 shares during the period. Finally, Stephens Investment Management Group LLC raised its stake in shares of Okta by 10.3% in the 4th quarter. Stephens Investment Management Group LLC now owns 452,307 shares of the company’s stock worth $35,642,000 after buying an additional 42,176 shares in the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Trading Down 2.9 %

NASDAQ:OKTA opened at $107.99 on Monday. The company has a market capitalization of $18.75 billion, a P/E ratio of -308.54, a P/E/G ratio of 6.42 and a beta of 1.09. The stock’s 50 day moving average price is $100.33 and its 200 day moving average price is $85.87. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta, Inc. has a 52 week low of $70.56 and a 52 week high of $118.07.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on OKTA shares. Guggenheim reaffirmed a “buy” rating and set a $130.00 target price on shares of Okta in a research note on Wednesday, December 4th. Canaccord Genuity Group raised their price objective on shares of Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. Sanford C. Bernstein dropped their target price on shares of Okta from $129.00 to $124.00 and set an “outperform” rating on the stock in a report on Tuesday, December 17th. Canaccord Genuity Group raised their target price on shares of Okta from $94.00 to $100.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. Finally, KeyCorp lifted their price target on shares of Okta from $125.00 to $135.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, Okta presently has an average rating of “Moderate Buy” and a consensus price target of $115.29.

Insider Transactions at Okta

In related news, CFO Brett Tighe sold 5,000 shares of the business’s 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 directly owns 112,533 shares in the company, valued at approximately $10,015,437. The trade was a 4.25 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jacques Frederic Kerrest sold 3,306 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $88.85, for a total value of $293,738.10. The disclosure for this sale can be found here. Insiders have sold a total of 761,197 shares of company stock worth $70,662,533 in the last 90 days. 7.00% of the stock is owned by 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.