Formula Growth Ltd. Purchases 6,000 Shares of Okta, Inc. (NASDAQ:OKTA)

Formula Growth Ltd. grew its position in shares of Okta, Inc. (NASDAQ:OKTA) by 9.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 70,000 shares of the company’s stock after buying an additional 6,000 shares during the period. Okta makes up 1.9% of Formula Growth Ltd.’s holdings, making the stock its 7th biggest position. Formula Growth Ltd.’s holdings in Okta were worth $5,516,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of OKTA. Marshall Wace LLP raised its holdings in Okta by 35.5% in the 4th quarter. Marshall Wace LLP now owns 3,583,937 shares of the company’s stock valued at $282,414,000 after acquiring an additional 938,509 shares in the last quarter. Norges Bank acquired a new position in Okta in the fourth quarter valued at about $234,992,000. Geode Capital Management LLC lifted its position in Okta by 5.3% during the fourth quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company’s stock worth $212,385,000 after purchasing an additional 135,110 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in Okta by 54.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,241,220 shares of the company’s stock worth $97,808,000 after buying an additional 440,171 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Okta by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company’s stock valued at $87,903,000 after buying an additional 46,064 shares during the period. Institutional investors and hedge funds own 86.64% of the company’s stock.

Insiders Place Their Bets

In other news, CRO Jonathan James Addison sold 7,005 shares of the stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $101.19, for a total transaction of $708,835.95. Following the transaction, the executive now owns 19,067 shares of the company’s stock, valued at $1,929,389.73. This represents a 26.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Larissa Schwartz sold 2,704 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $89.58, for a total value of $242,224.32. Following the completion of the sale, the insider now directly owns 23,311 shares of the company’s stock, valued at $2,088,199.38. The trade was a 10.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 768,202 shares of company stock worth $71,371,369. Corporate insiders own 7.00% of the company’s stock.

Okta Trading Down 2.0 %

NASDAQ OKTA opened at $97.93 on Friday. The stock has a market capitalization of $17.00 billion, a P/E ratio of -279.80, a P/E/G ratio of 6.42 and a beta of 1.07. The business has a 50 day simple moving average of $102.38 and a 200 day simple moving average of $88.53. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. Okta, Inc. has a one year low of $70.56 and a one year high of $118.07.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Jefferies Financial Group upped their price target on shares of Okta from $90.00 to $110.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. UBS Group set a $135.00 target price on Okta in a research note on Tuesday, March 4th. DA Davidson upgraded Okta from a “neutral” rating to a “buy” rating and lifted their price target for the company from $90.00 to $125.00 in a research note on Tuesday, March 4th. Scotiabank raised their price objective on Okta from $94.00 to $109.00 and gave the company a “sector perform” rating in a research note on Tuesday, March 4th. Finally, Westpark Capital reissued a “buy” rating and set a $140.00 target price on shares of Okta in a research note on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Okta currently has a consensus rating of “Moderate Buy” and an average target price of $116.03.

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.