World Equity Group Inc. Makes New Investment in Okta, Inc. (NASDAQ:OKTA)

World Equity Group Inc. purchased a new position in Okta, Inc. (NASDAQ:OKTA) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 4,210 shares of the company’s stock, valued at approximately $332,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Paloma Partners Management Co bought a new position in Okta in the 3rd quarter worth approximately $969,000. Stifel Financial Corp raised its holdings in shares of Okta by 56.1% during the 3rd quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock worth $2,770,000 after acquiring an additional 13,387 shares in the last quarter. Nordea Investment Management AB raised its holdings in shares of Okta by 1,150.2% during the 4th quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock worth $33,146,000 after acquiring an additional 382,190 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Okta by 105.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock worth $26,627,000 after acquiring an additional 184,107 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Okta by 7.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock worth $8,813,000 after acquiring an additional 8,239 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors.

Insider Transactions at Okta

In other news, insider Larissa Schwartz sold 2,740 shares of the stock in a transaction 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 transaction, the insider now owns 22,125 shares of the company’s stock, valued at approximately $2,159,178.75. This represents a 11.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Todd Mckinnon sold 233,028 shares of the stock in a transaction on Friday, December 20th. The stock was 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 90 days, insiders have sold 980,908 shares of company stock valued at $85,025,665. 7.00% of the stock is currently owned by corporate insiders.

Okta Stock Performance

OKTA stock opened at $90.88 on Tuesday. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $114.50. 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 business’s fifty day simple moving average is $88.77 and its two-hundred day simple moving average is $82.53. The firm has a market cap of $15.57 billion, a price-to-earnings ratio of -259.66, a PEG ratio of 6.42 and a beta of 1.03.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on OKTA. JMP Securities reaffirmed a “market perform” rating on shares of Okta in a report on Wednesday, December 4th. Wells Fargo & Company upped their price objective on Okta from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. Guggenheim reaffirmed a “buy” rating and set a $130.00 price objective on shares of Okta in a report on Wednesday, December 4th. BMO Capital Markets upped their price objective on Okta from $103.00 to $105.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Finally, Piper Sandler upped their price objective on Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $106.13.

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.