Massachusetts Financial Services Co. MA Raises Stock Position in Okta, Inc. (NASDAQ:OKTA)

Massachusetts Financial Services Co. MA grew its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 570.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 869,362 shares of the company’s stock after acquiring an additional 739,707 shares during the period. Massachusetts Financial Services Co. MA owned about 0.51% of Okta worth $68,506,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. The Manufacturers Life Insurance Company lifted its holdings in shares of Okta by 3.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 7,737 shares of the company’s stock worth $575,000 after buying an additional 250 shares during the period. Benjamin Edwards Inc. bought a new stake in shares of Okta in the 3rd quarter valued at about $505,000. Investment Management Corp of Ontario lifted its position in shares of Okta by 47.0% in the 3rd quarter. Investment Management Corp of Ontario now owns 5,317 shares of the company’s stock worth $395,000 after purchasing an additional 1,700 shares during the period. Point72 DIFC Ltd bought a new position in shares of Okta during the third quarter valued at approximately $548,000. Finally, Royal London Asset Management Ltd. increased its holdings in Okta by 2.3% during the third quarter. Royal London Asset Management Ltd. now owns 63,353 shares of the company’s stock valued at $4,710,000 after buying an additional 1,415 shares during the period. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Stock Performance

Shares of OKTA stock opened at $91.93 on Friday. Okta, Inc. has a 52-week low of $70.56 and a 52-week high of $118.07. 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 stock has a market cap of $15.96 billion, a PE ratio of -262.66, a price-to-earnings-growth ratio of 6.42 and a beta of 1.06. The business has a 50-day simple moving average of $101.64 and a 200-day simple moving average of $86.75.

Insider Buying and Selling at Okta

In related news, Director Jacques Frederic Kerrest sold 3,306 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $88.85, for a total transaction of $293,738.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Larissa Schwartz sold 11,552 shares of the company’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total transaction of $1,317,967.68. Following the completion of the transaction, the insider now owns 22,125 shares of the company’s stock, valued at approximately $2,524,241.25. This trade represents a 34.30 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 761,197 shares of company stock valued at $70,662,533. 7.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on OKTA shares. Stifel Nicolaus increased their target price on Okta from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, March 4th. BMO Capital Markets raised their price objective on Okta from $105.00 to $130.00 and gave the company a “market perform” rating in a research report on Monday, March 10th. JPMorgan Chase & Co. boosted their target price on shares of Okta from $100.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, February 28th. Needham & Company LLC reissued a “buy” rating and set a $115.00 price target on shares of Okta in a research report on Tuesday, March 4th. Finally, Barclays lifted their price objective on shares of Okta from $105.00 to $115.00 and gave the stock an “equal weight” rating in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $116.09.

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.