OVERSEA CHINESE BANKING Corp Ltd Acquires Shares of 2,889 Okta, Inc. (NASDAQ:OKTA)

OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Okta, Inc. (NASDAQ:OKTA) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 2,889 shares of the company’s stock, valued at approximately $228,000.

Other hedge funds also recently bought and sold shares of the company. Paloma Partners Management Co purchased a new stake in Okta during the third quarter valued at about $969,000. SBI Securities Co. Ltd. purchased a new stake in shares of Okta in the fourth quarter worth approximately $1,686,000. Stifel Financial Corp lifted its position in shares of Okta by 56.1% in the third quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock worth $2,770,000 after purchasing an additional 13,387 shares in the last quarter. Nordea Investment Management AB lifted its position in shares of Okta by 1,150.2% in the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock worth $33,146,000 after purchasing an additional 382,190 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Okta by 105.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock worth $26,627,000 after purchasing an additional 184,107 shares in the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Piper Sandler increased their price target on shares of Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Barclays increased their price target 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. Canaccord Genuity Group increased their price target on shares of Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. DA Davidson upgraded Okta from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $90.00 to $125.00 in a report on Tuesday, March 4th. Finally, Morgan Stanley set a $125.00 price objective on Okta in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $115.29.

Insider Buying and Selling

In related news, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $80.50, for a total value of $217,672.00. Following the completion of the transaction, the insider now directly owns 24,462 shares of the company’s stock, valued at $1,969,191. This trade represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jacques Frederic Kerrest sold 390,000 shares of the firm’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $87.09, for a total value of $33,965,100.00. The disclosure for this sale can be found here. Insiders sold a total of 752,349 shares of company stock valued at $69,562,237 over the last ninety days. 7.00% of the stock is owned by company insiders.

Okta Trading Down 1.1 %

Shares of Okta stock opened at $112.80 on Friday. The company has a market cap of $19.58 billion, a price-to-earnings ratio of -322.29, 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’s fifty day simple moving average is $96.89 and its 200-day simple moving average is $84.07. 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 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.