Pinebridge Investments L.P. Purchases 9,144 Shares of Okta, Inc. (NASDAQ:OKTA)

Pinebridge Investments L.P. grew its position in Okta, Inc. (NASDAQ:OKTA) by 5.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 189,366 shares of the company’s stock after purchasing an additional 9,144 shares during the period. Pinebridge Investments L.P. owned approximately 0.11% of Okta worth $14,922,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Altrinsic Global Advisors LLC bought a new stake in Okta in the 4th quarter valued at approximately $2,960,000. Stifel Financial Corp boosted its holdings in Okta by 86.3% during the fourth quarter. Stifel Financial Corp now owns 69,426 shares of the company’s stock worth $5,471,000 after purchasing an additional 32,168 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in Okta by 46.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,833 shares of the company’s stock worth $854,000 after purchasing an additional 3,429 shares during the last quarter. MML Investors Services LLC grew its position in Okta by 7.5% in the fourth quarter. MML Investors Services LLC now owns 35,818 shares of the company’s stock valued at $2,822,000 after purchasing an additional 2,485 shares in the last quarter. Finally, Formula Growth Ltd. increased its stake in Okta by 9.4% in the 4th quarter. Formula Growth Ltd. now owns 70,000 shares of the company’s stock valued at $5,516,000 after buying an additional 6,000 shares during the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on OKTA shares. Canaccord Genuity Group upped their target price on Okta from $94.00 to $100.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. BMO Capital Markets increased their price objective on Okta from $105.00 to $130.00 and gave the company a “market perform” rating in a report on Monday, March 10th. Royal Bank of Canada boosted their target price on shares of Okta from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. The Goldman Sachs Group increased their price target on shares of Okta from $107.00 to $123.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Finally, UBS Group set a $135.00 price objective on shares of Okta in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Okta currently has an average rating of “Moderate Buy” and an average target price of $116.12.

Okta Stock Up 4.2 %

OKTA stock opened at $98.33 on Thursday. The company has a market cap of $17.07 billion, a PE ratio of -280.94, a price-to-earnings-growth ratio of 6.42 and a beta of 1.07. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta, Inc. has a 52 week low of $70.56 and a 52 week high of $118.07. The business has a 50-day simple moving average of $102.19 and a 200 day simple moving average of $89.00.

Insider Transactions at Okta

In related news, CFO Brett Tighe sold 5,000 shares of the company’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $94.56, for a total transaction of $472,800.00. Following the completion of the sale, the chief financial officer now directly owns 102,533 shares in the company, valued at $9,695,520.48. This represents a 4.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jacques Frederic Kerrest sold 130,000 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $93.00, for a total value of $12,090,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 362,192 shares of company stock valued at $35,988,856. Company insiders own 7.00% of the company’s stock.

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.