Shapiro Capital Management LLC Buys 487,142 Shares of Okta, Inc. (NASDAQ:OKTA)

Shapiro Capital Management LLC boosted its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 138.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 839,768 shares of the company’s stock after buying an additional 487,142 shares during the period. Okta makes up about 2.2% of Shapiro Capital Management LLC’s investment portfolio, making the stock its 23rd largest holding. Shapiro Capital Management LLC’s holdings in Okta were worth $66,174,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OKTA. Wealth Enhancement Advisory Services LLC boosted its stake in Okta by 2.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 8,135 shares of the company’s stock valued at $605,000 after purchasing an additional 180 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Okta by 106.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 59,951 shares of the company’s stock valued at $4,724,000 after purchasing an additional 30,957 shares during the last quarter. Advisors Management Group Inc. ADV boosted its stake in Okta by 4.4% during the 4th quarter. Advisors Management Group Inc. ADV now owns 12,272 shares of the company’s stock valued at $967,000 after purchasing an additional 514 shares during the last quarter. Connective Portfolio Management LLC purchased a new stake in Okta during the 4th quarter valued at $473,000. Finally, Channel Wealth LLC purchased a new stake in Okta during the 4th quarter valued at $2,761,000. Institutional investors own 86.64% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on the company. Canaccord Genuity Group increased their target price on Okta from $94.00 to $100.00 and gave the company a “hold” rating in a research note on Tuesday, March 4th. Royal Bank of Canada increased their target price on Okta from $115.00 to $120.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. Barclays raised their price target on Okta from $105.00 to $115.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 4th. Stifel Nicolaus raised their price target on Okta from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. Finally, Susquehanna raised their price target on Okta from $95.00 to $105.00 and gave the stock a “neutral” 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 given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $117.74.

Insider Transactions at Okta

In other Okta news, Director Jacques Frederic Kerrest sold 130,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $105.00, for a total transaction of $13,650,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Eric Robert Kelleher sold 5,895 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $113.75, for a total value of $670,556.25. Following the sale, the insider now directly owns 9,828 shares in the company, valued at $1,117,935. The trade was a 37.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 154,452 shares of company stock valued at $16,347,360. 7.00% of the stock is currently owned by insiders.

Okta Price Performance

Shares of Okta stock opened at $124.39 on Friday. The stock’s 50-day simple moving average is $107.74 and its 200-day simple moving average is $93.48. Okta, Inc. has a 52 week low of $70.56 and a 52 week high of $125.48. The company has a market capitalization of $21.59 billion, a price-to-earnings ratio of -355.40, a PEG ratio of 6.42 and a beta of 0.96. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

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.