iA Global Asset Management Inc. Acquires New Stake in Okta, Inc. (NASDAQ:OKTA)

iA Global Asset Management Inc. acquired a new stake in Okta, Inc. (NASDAQ:OKTA) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 68,214 shares of the company’s stock, valued at approximately $5,375,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Paloma Partners Management Co purchased a new position in Okta in the 3rd quarter valued at $969,000. SBI Securities Co. Ltd. purchased a new position in Okta in the 4th quarter valued at $1,686,000. Stifel Financial Corp grew its position in Okta by 56.1% in the 3rd quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock valued at $2,770,000 after buying an additional 13,387 shares during the last quarter. Nordea Investment Management AB grew its position in Okta by 1,150.2% in the 4th 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. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position 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 purchasing an additional 184,107 shares in the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on OKTA. Canaccord Genuity Group upped their price target on shares of Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. Stifel Nicolaus upped their price target on shares of Okta from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. Westpark Capital reaffirmed a “buy” rating and set a $140.00 price target on shares of Okta in a research note on Friday, February 28th. Robert W. Baird upped their price target on shares of Okta from $115.00 to $130.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. Finally, Sanford C. Bernstein lowered their price target on shares of Okta from $129.00 to $124.00 and set an “outperform” rating on the stock in a research note on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $115.29.

Insider Transactions at Okta

In other news, CFO Brett Tighe sold 5,000 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $89.00, for a total transaction of $445,000.00. Following the transaction, the chief financial officer now directly owns 112,533 shares in the company, valued at $10,015,437. This represents a 4.25 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Larissa Schwartz sold 2,704 shares of the stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $80.50, for a total transaction of $217,672.00. Following the transaction, the insider now owns 24,462 shares in the company, valued at approximately $1,969,191. The trade was a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 752,349 shares of company stock worth $69,562,237 in the last three months. Company insiders own 7.00% of the company’s stock.

Okta Trading Down 1.1 %

Shares of OKTA stock opened at $112.80 on Friday. The firm has a market cap of $19.58 billion, a P/E ratio of -322.29, a PEG ratio of 6.42 and a beta of 1.09. Okta, Inc. has a 1-year low of $70.56 and a 1-year high of $116.96. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The firm’s 50-day simple moving average is $96.89 and its 200-day simple moving average is $84.07.

Okta 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.