Brown Brothers Harriman & Co. Makes New Investment in Okta, Inc. (NASDAQ:OKTA)

Brown Brothers Harriman & Co. acquired a new stake in shares of Okta, Inc. (NASDAQ:OKTA) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 548 shares of the company’s stock, valued at approximately $43,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Norges Bank purchased a new stake in shares of Okta in the fourth quarter valued at about $234,992,000. Charles Schwab Investment Management Inc. raised its position in Okta by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company’s stock worth $87,903,000 after acquiring an additional 46,064 shares during the period. Point72 Asset Management L.P. bought a new stake in Okta in the third quarter worth about $49,373,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Okta by 58.8% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 568,797 shares of the company’s stock valued at $44,821,000 after acquiring an additional 210,615 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Okta by 138.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 554,633 shares of the company’s stock worth $43,721,000 after purchasing an additional 322,201 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta Stock Up 0.7 %

Shares of NASDAQ:OKTA opened at $105.38 on Thursday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. The stock has a fifty day simple moving average of $101.33 and a two-hundred day simple moving average of $86.45. Okta, Inc. has a 12-month low of $70.56 and a 12-month high of $118.07. The stock has a market capitalization of $18.29 billion, a price-to-earnings ratio of -301.09, a PEG ratio of 6.42 and a beta of 1.09.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. UBS Group set a $135.00 target price on Okta in a research report on Tuesday, March 4th. KeyCorp lifted their price objective on shares of Okta from $125.00 to $135.00 and gave the company an “overweight” rating in a research note on Tuesday, March 4th. Guggenheim reiterated a “buy” rating and set a $130.00 price objective on shares of Okta in a research note 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 report on Tuesday, March 4th. Finally, Stifel Nicolaus boosted their price objective on shares of Okta from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $116.09.

Insider Buying and Selling

In other news, Director Jacques Frederic Kerrest sold 3,306 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $88.85, for a total transaction of $293,738.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Larissa Schwartz sold 11,552 shares of the firm’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total value of $1,317,967.68. Following the completion of the transaction, the insider now directly owns 22,125 shares in the company, valued at $2,524,241.25. The trade was a 34.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 761,197 shares of company stock worth $70,662,533 in the last quarter. Corporate insiders own 7.00% of the company’s stock.

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.