Blue Grotto Capital LLC Invests $11.80 Million in Okta, Inc. (NASDAQ:OKTA)

Blue Grotto Capital LLC bought a new stake in Okta, Inc. (NASDAQ:OKTA) during the 4th quarter, Holdings Channel reports. The fund bought 149,700 shares of the company’s stock, valued at approximately $11,796,000. Okta makes up 2.2% of Blue Grotto Capital LLC’s holdings, making the stock its 19th largest position.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OKTA. Point72 Asset Management L.P. acquired a new stake in shares of Okta in the 3rd quarter valued at approximately $49,373,000. Nordea Investment Management AB raised its holdings in Okta by 1,150.2% in the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock worth $33,146,000 after purchasing an additional 382,190 shares during the period. 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 worth $43,721,000 after purchasing an additional 322,201 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Okta by 58.8% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 568,797 shares of the company’s stock valued at $44,821,000 after buying an additional 210,615 shares during the period. Finally, Tredje AP fonden increased its position in shares of Okta by 757.5% in the 4th quarter. Tredje AP fonden now owns 226,295 shares of the company’s stock valued at $17,832,000 after buying an additional 199,906 shares in the last quarter. Institutional investors own 86.64% of the company’s stock.

Insider Activity

In other Okta news, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction on 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 $1,969,191. This trade represents a 9.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jacques Frederic Kerrest sold 3,306 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $88.85, for a total value of $293,738.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 763,901 shares of company stock valued at $70,880,205. 7.00% of the stock is owned by company insiders.

Okta Stock Performance

Shares of NASDAQ OKTA opened at $116.72 on Wednesday. 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 has a market cap of $20.26 billion, a price-to-earnings ratio of -333.49, a P/E/G ratio of 6.42 and a beta of 1.09. The stock’s fifty day moving average price is $98.81 and its two-hundred day moving average price is $85.04. Okta, Inc. has a one year low of $70.56 and a one year high of $118.07.

Analyst Upgrades and Downgrades

OKTA has been the topic of several recent analyst reports. KeyCorp lifted their target price on Okta from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Tuesday, March 4th. Royal Bank of Canada boosted their price objective on Okta from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. Truist Financial raised their target price on shares of Okta from $92.00 to $100.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. Needham & Company LLC reiterated a “buy” rating and issued a $115.00 price target on shares of Okta in a report on Tuesday, March 4th. Finally, Piper Sandler raised their price objective on shares of Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $115.29.

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.