Two Star Manager LLC Makes New $7.59 Million Investment in Okta, Inc. (NASDAQ:OKTA)

Two Star Manager LLC bought a new position in shares of Okta, Inc. (NASDAQ:OKTA) during the 4th quarter, according to its most recent disclosure with the SEC. The fund bought 96,300 shares of the company’s stock, valued at approximately $7,588,000. Okta accounts for 3.5% of Two Star Manager LLC’s holdings, making the stock its 14th biggest holding. Two Star Manager LLC owned approximately 0.06% of Okta as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Marshall Wace LLP lifted its stake in shares of 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 purchasing an additional 938,509 shares during the period. Norges Bank acquired a new position in shares of Okta in the 4th quarter valued at about $234,992,000. Geode Capital Management LLC lifted its stake in shares of Okta by 5.3% in the 4th quarter. Geode Capital Management LLC now owns 2,700,216 shares of the company’s stock valued at $212,385,000 after purchasing an additional 135,110 shares during the period. Point72 Asset Management L.P. lifted its stake in shares of Okta by 236.8% in the 4th quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company’s stock valued at $176,271,000 after purchasing an additional 1,572,786 shares during the period. Finally, Ameriprise Financial Inc. lifted its stake in shares of Okta by 2,135.7% in the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock valued at $150,845,000 after purchasing an additional 1,828,630 shares during the period. 86.64% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Royal Bank of Canada upped their price target on Okta from $115.00 to $120.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. Morgan Stanley dropped their price target on Okta from $125.00 to $123.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $115.00 price target on shares of Okta in a research note on Tuesday, March 4th. Wells Fargo & Company upped their price target on Okta from $95.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 4th. Finally, BMO Capital Markets upped their price target on Okta from $130.00 to $135.00 and gave the stock a “market perform” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $117.74.

Insider Buying and Selling

In other Okta news, insider Eric Robert Kelleher sold 5,895 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $113.75, for a total transaction of $670,556.25. Following the sale, the insider now owns 9,828 shares in the company, valued at $1,117,935. This trade represents a 37.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Larissa Schwartz sold 11,552 shares of the firm’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $114.09, for a total value of $1,317,967.68. Following the sale, the insider now owns 22,125 shares in the company, valued at $2,524,241.25. The trade was a 34.30% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 154,452 shares of company stock worth $16,347,360. Corporate insiders own 5.68% of the company’s stock.

Okta Trading Up 2.3%

Shares of OKTA stock opened at $127.30 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta, Inc. has a 52-week low of $70.56 and a 52-week high of $127.57. The company has a market capitalization of $22.10 billion, a PE ratio of -363.71, a price-to-earnings-growth ratio of 6.42 and a beta of 0.96. The business’s fifty day moving average is $108.15 and its 200 day moving average is $94.00.

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.