RPG Investment Advisory LLC Grows Stake in Okta, Inc. (NASDAQ:OKTA)

RPG Investment Advisory LLC raised its stake in Okta, Inc. (NASDAQ:OKTA) by 1.6% during the fourth quarter, HoldingsChannel reports. The fund owned 84,463 shares of the company’s stock after buying an additional 1,336 shares during the period. RPG Investment Advisory LLC’s holdings in Okta were worth $6,656,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Point72 Asset Management L.P. purchased a new stake in shares of Okta during the third quarter valued at $49,373,000. Nordea Investment Management AB boosted its position in shares of Okta by 1,150.2% during the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock valued at $33,146,000 after buying an additional 382,190 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Okta by 138.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 554,633 shares of the company’s stock valued at $43,721,000 after buying an additional 322,201 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its position in shares of Okta by 232.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock valued at $29,479,000 after buying an additional 277,084 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Okta by 105.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after buying an additional 184,107 shares during the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OKTA has been the topic of several recent analyst reports. Jefferies Financial Group dropped their price objective on Okta from $100.00 to $90.00 and set a “hold” rating on the stock in a research report on Thursday, December 19th. Deutsche Bank Aktiengesellschaft downgraded Okta from a “buy” rating to a “hold” rating and lowered their target price for the company from $115.00 to $85.00 in a report on Tuesday, November 12th. Wells Fargo & Company increased their target price on Okta from $80.00 to $95.00 and gave the company an “equal weight” rating in a report on Thursday, December 5th. Piper Sandler increased their target price on Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $115.00 target price on shares of Okta in a report on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $106.13.

Okta Stock Performance

NASDAQ:OKTA opened at $92.75 on Monday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta, Inc. has a 12-month low of $70.56 and a 12-month high of $114.50. The stock has a 50-day moving average price of $88.64 and a 200 day moving average price of $82.51. The stock has a market capitalization of $15.89 billion, a P/E ratio of -265.00, a P/E/G ratio of 6.42 and a beta of 1.03.

Insider Buying and Selling

In other Okta news, insider Larissa Schwartz sold 2,740 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $97.59, for a total transaction of $267,396.60. Following the completion of the transaction, the insider now owns 22,125 shares in the company, valued at $2,159,178.75. This trade represents a 11.02 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Brett Tighe sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $89.00, for a total value of $445,000.00. Following the transaction, the chief financial officer now owns 112,533 shares of the company’s stock, valued at $10,015,437. This represents a 4.25 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 980,908 shares of company stock worth $85,025,665. 7.00% of the stock is owned by corporate 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.