Formula Growth Ltd. Has $5.52 Million Stock Holdings in Okta, Inc. (NASDAQ:OKTA)

Formula Growth Ltd. grew its stake in Okta, Inc. (NASDAQ:OKTA) by 9.4% during the fourth quarter, Holdings Channel reports. The firm owned 70,000 shares of the company’s stock after purchasing an additional 6,000 shares during the period. Okta makes up approximately 1.9% of Formula Growth Ltd.’s portfolio, making the stock its 7th largest position. Formula Growth Ltd.’s holdings in Okta were worth $5,516,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Virtu Financial LLC purchased a new position in shares of Okta in the 3rd quarter worth approximately $2,436,000. Sanctuary Advisors LLC boosted its position in Okta by 125.8% in the third quarter. Sanctuary Advisors LLC now owns 11,244 shares of the company’s stock worth $861,000 after purchasing an additional 6,265 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in Okta in the 3rd quarter valued at $108,000. Tidal Investments LLC increased its position in shares of Okta by 132.0% during the 3rd quarter. Tidal Investments LLC now owns 25,103 shares of the company’s stock valued at $1,866,000 after purchasing an additional 14,283 shares during the last quarter. Finally, Oddo BHF Asset Management Sas bought a new stake in shares of Okta during the 3rd quarter worth $5,343,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Stock Down 2.0 %

OKTA opened at $97.93 on Friday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $118.07. The company has a market cap of $17.00 billion, a PE ratio of -279.80, a price-to-earnings-growth ratio of 6.42 and a beta of 1.07. The company has a 50-day moving average price of $102.38 and a 200 day moving average price of $88.53.

Insider Buying and Selling

In other news, CFO Brett Tighe sold 5,000 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Larissa Schwartz sold 11,552 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $114.09, for a total transaction of $1,317,967.68. Following the completion of the transaction, the insider now directly owns 22,125 shares of the company’s stock, valued at approximately $2,524,241.25. The trade was a 34.30 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 768,202 shares of company stock worth $71,371,369. 7.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Stifel Nicolaus upped their price objective on shares of Okta from $115.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, March 4th. Mizuho raised shares of Okta from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $110.00 to $127.00 in a report on Tuesday, March 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $115.00 target price on shares of Okta in a report on Tuesday, March 4th. Oppenheimer increased their target price on shares of Okta from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. Finally, Jefferies Financial Group boosted their target price on Okta from $90.00 to $110.00 and gave the stock a “hold” rating in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $116.03.

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.