West Tower Group LLC Acquires Shares of 3,000 Okta, Inc. (NASDAQ:OKTA)

West Tower Group LLC acquired a new stake in Okta, Inc. (NASDAQ:OKTA) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 3,000 shares of the company’s stock, valued at approximately $236,000.

Several other institutional investors also recently bought and sold shares of OKTA. Point72 Asset Management L.P. acquired a new position in Okta in the 3rd quarter valued at $49,373,000. Nordea Investment Management AB increased its stake in Okta by 1,150.2% in the 4th quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock valued at $33,146,000 after buying an additional 382,190 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Okta by 138.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 554,633 shares of the company’s stock valued at $43,721,000 after buying an additional 322,201 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Okta by 58.8% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 568,797 shares of the company’s stock worth $44,821,000 after purchasing an additional 210,615 shares during the period. Finally, Tredje AP fonden grew its stake in shares of Okta by 757.5% during the 4th quarter. Tredje AP fonden now owns 226,295 shares of the company’s stock worth $17,832,000 after purchasing an additional 199,906 shares during the period. 86.64% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Okta

In related news, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $80.50, for a total value of $217,672.00. Following the transaction, the insider now owns 24,462 shares in the company, valued at approximately $1,969,191. This trade represents a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Todd Mckinnon sold 233,028 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $82.31, for a total transaction of $19,180,534.68. The disclosure for this sale can be found here. Insiders have sold a total of 985,377 shares of company stock worth $88,742,772 in the last three months. Company insiders own 7.00% of the company’s stock.

Okta Trading Down 2.4 %

Shares of OKTA stock opened at $112.92 on Wednesday. The firm has a market cap of $19.60 billion, a P/E ratio of -322.63, a PEG ratio of 6.42 and a beta of 1.09. Okta, Inc. has a 1-year low of $70.56 and a 1-year high of $116.96. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The firm’s 50-day simple moving average is $95.78 and its 200-day simple moving average is $83.66.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Morgan Stanley set a $125.00 price target on shares of Okta in a research note on Tuesday. Robert W. Baird upped their price target on shares of Okta from $115.00 to $130.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. DA Davidson raised shares of Okta from a “neutral” rating to a “buy” rating and upped their price target for the stock from $90.00 to $125.00 in a research note on Tuesday, March 4th. Truist Financial upped their price target on shares of Okta from $92.00 to $100.00 and gave the stock a “hold” rating in a research note on Tuesday, March 4th. Finally, Westpark Capital reissued a “buy” rating and issued a $140.00 price objective 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 and eighteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $115.29.

About Okta

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.