Norges Bank Makes New $234.99 Million Investment in Okta, Inc. (NASDAQ:OKTA)

Norges Bank purchased a new stake in Okta, Inc. (NASDAQ:OKTA) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 2,982,138 shares of the company’s stock, valued at approximately $234,992,000. Norges Bank owned about 1.74% of Okta as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in OKTA. Charles Schwab Investment Management Inc. raised its position in shares of Okta by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company’s stock worth $87,903,000 after buying an additional 46,064 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of Okta in the 3rd quarter valued at about $49,373,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake 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 purchasing an additional 210,615 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Okta by 138.6% during the 4th 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 during the period. Finally, Stephens Investment Management Group LLC increased its position in Okta by 10.3% during the 4th quarter. Stephens Investment Management Group LLC now owns 452,307 shares of the company’s stock worth $35,642,000 after purchasing an additional 42,176 shares in the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Brett Tighe sold 5,000 shares of the business’s 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 completion of the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jacques Frederic Kerrest sold 390,000 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $87.09, for a total transaction of $33,965,100.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 761,197 shares of company stock valued at $70,662,533. Company insiders own 7.00% of the company’s stock.

Okta Stock Performance

OKTA stock opened at $107.99 on Monday. The firm has a market cap of $18.75 billion, a P/E ratio of -308.54, a P/E/G ratio of 6.42 and a beta of 1.09. The stock’s 50 day simple moving average is $100.33 and its 200 day simple moving average is $85.87. 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 $118.07.

Analyst Ratings Changes

OKTA has been the topic of a number of recent research reports. BTIG Research reaffirmed a “buy” rating on shares of Okta in a research report on Tuesday, March 4th. JMP Securities restated a “market perform” rating on shares of Okta in a report on Wednesday, December 4th. Susquehanna increased their price target on Okta from $95.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday, March 4th. Morgan Stanley set a $125.00 price objective on Okta in a research note on Tuesday, March 18th. Finally, Royal Bank of Canada increased their target price on Okta from $115.00 to $120.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. 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 data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $115.29.

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.