Allspring Global Investments Holdings LLC Purchases 322,201 Shares of Okta, Inc. (NASDAQ:OKTA)

Allspring Global Investments Holdings LLC boosted its holdings in Okta, Inc. (NASDAQ:OKTA) by 138.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 554,633 shares of the company’s stock after acquiring an additional 322,201 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.32% of Okta worth $43,721,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Bristlecone Advisors LLC boosted its position in shares of Okta by 35.2% during the fourth quarter. Bristlecone Advisors LLC now owns 6,607 shares of the company’s stock valued at $521,000 after buying an additional 1,719 shares during the last quarter. Wingate Wealth Advisors Inc. bought a new position in Okta during the 4th quarter valued at about $44,000. Savant Capital LLC purchased a new stake in shares of Okta during the 4th quarter valued at about $829,000. Stephens Inc. AR grew its stake in shares of Okta by 5.0% in the fourth quarter. Stephens Inc. AR now owns 3,296 shares of the company’s stock worth $260,000 after acquiring an additional 157 shares during the period. Finally, Stephens Investment Management Group LLC raised its holdings in shares of Okta by 10.3% during the fourth quarter. Stephens Investment Management Group LLC now owns 452,307 shares of the company’s stock valued at $35,642,000 after purchasing an additional 42,176 shares during the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Brett Tighe sold 5,000 shares of Okta stock in a transaction dated 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 transaction, the chief financial officer now owns 112,533 shares in the company, valued at approximately $10,015,437. This trade represents a 4.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Todd Mckinnon sold 233,028 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were 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. Over the last 90 days, insiders have sold 980,908 shares of company stock worth $85,025,665. Insiders own 7.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on OKTA. BTIG Research lifted their target price on shares of Okta from $98.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Morgan Stanley upgraded Okta from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $92.00 to $97.00 in a research report on Monday, December 2nd. The Goldman Sachs Group raised their target price on Okta from $97.00 to $107.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Westpark Capital reaffirmed a “buy” rating and set a $140.00 price target on shares of Okta in a research report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. raised shares of Okta from a “neutral” rating to an “overweight” rating and set a $100.00 price objective on the stock in a report on Monday, December 16th. One 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. According to data from MarketBeat.com, Okta has an average rating of “Hold” and an average price target of $105.45.

Okta Stock Performance

NASDAQ:OKTA opened at $96.29 on Friday. The company has a market cap of $16.50 billion, a price-to-earnings ratio of -275.11, a PEG ratio of 6.58 and a beta of 1.03. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $114.50. The stock’s 50 day simple moving average is $87.42 and its two-hundred day simple moving average is $82.33. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34.

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.