Northern Trust Corp Raises Stock Position in Okta, Inc. (NASDAQ:OKTA)

Northern Trust Corp grew its holdings in Okta, Inc. (NASDAQ:OKTA) by 11.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,001,027 shares of the company’s stock after acquiring an additional 105,918 shares during the period. Northern Trust Corp owned about 0.58% of Okta worth $78,881,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in OKTA. Bank of Jackson Hole Trust bought a new stake in Okta in the 4th quarter valued at $25,000. TD Private Client Wealth LLC increased its holdings in shares of Okta by 3,507.7% in the fourth quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after purchasing an additional 456 shares during the last quarter. Brown Brothers Harriman & Co. purchased a new stake in shares of Okta in the fourth quarter worth about $43,000. Wingate Wealth Advisors Inc. bought a new position in Okta during the fourth quarter valued at approximately $44,000. Finally, Blue Trust Inc. grew its holdings in Okta by 103.8% during the 4th quarter. Blue Trust Inc. now owns 758 shares of the company’s stock valued at $56,000 after buying an additional 386 shares in the last quarter. Institutional investors own 86.64% of the company’s stock.

Insider Buying and Selling

In other Okta news, Director Jacques Frederic Kerrest sold 65,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $97.50, for a total transaction of $6,337,500.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CRO Jonathan James Addison sold 7,005 shares of the firm’s stock in a transaction on Friday, April 11th. The stock was sold at an average price of $101.19, for a total transaction of $708,835.95. Following the completion of the transaction, the executive now directly owns 19,067 shares of the company’s stock, valued at approximately $1,929,389.73. This represents a 26.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 222,192 shares of company stock worth $22,952,256 in the last ninety days. 7.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

OKTA has been the subject of a number of research reports. Jefferies Financial Group increased their target price on Okta from $90.00 to $110.00 and gave the company a “hold” rating in a research report on Tuesday, March 4th. The Goldman Sachs Group lifted their price objective on shares of Okta from $107.00 to $123.00 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. Stephens started coverage on shares of Okta in a report on Tuesday, April 1st. They issued an “equal weight” rating and a $127.00 price target for the company. Mizuho raised Okta from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $110.00 to $127.00 in a research note on Tuesday, March 4th. Finally, Truist Financial raised their price objective on Okta from $92.00 to $100.00 and gave the company a “hold” rating in a research note on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $116.80.

Okta Price Performance

NASDAQ OKTA opened at $115.71 on Tuesday. The firm’s fifty day simple moving average is $104.72 and its two-hundred day simple moving average is $91.06. The firm has a market capitalization of $20.09 billion, a P/E ratio of -330.60, a P/E/G ratio of 6.42 and a beta of 0.96. 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.

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.