West Tower Group LLC Purchases New Stake in Okta, Inc. (NASDAQ:OKTA)

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

Other large investors also recently bought and sold shares of the company. Itau Unibanco Holding S.A. acquired a new stake in Okta in the third quarter valued at approximately $25,000. Bank of Jackson Hole Trust acquired a new stake in Okta in the fourth quarter valued at approximately $25,000. Legacy Investment Solutions LLC acquired a new stake in Okta in the third quarter valued at approximately $32,000. Modus Advisors LLC acquired a new stake in Okta in the fourth quarter valued at approximately $44,000. Finally, Wingate Wealth Advisors Inc. acquired a new stake in Okta in the fourth quarter valued at approximately $44,000. Institutional investors and hedge funds own 86.64% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Susquehanna increased their price objective on shares of Okta from $95.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday, March 4th. DA Davidson raised shares of Okta from a “neutral” rating to a “buy” rating and raised their price target for the stock from $90.00 to $125.00 in a research report on Tuesday, March 4th. Oppenheimer raised their price target on shares of Okta from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. Canaccord Genuity Group raised their price target on shares of Okta from $94.00 to $100.00 and gave the stock a “hold” rating in a research report on Tuesday, March 4th. Finally, Robert W. Baird raised their price target on shares of Okta from $115.00 to $130.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. One 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 MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $115.29.

Insider Activity at Okta

In related news, insider Larissa Schwartz sold 2,704 shares of Okta stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $80.50, for a total transaction of $217,672.00. Following the sale, the insider now directly owns 24,462 shares in the company, valued at $1,969,191. The trade was 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 the SEC website. Also, Director Jacques Frederic Kerrest sold 390,000 shares of Okta stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $87.09, for a total transaction of $33,965,100.00. 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 over the last ninety days. 7.00% of the stock is currently owned by corporate insiders.

Okta Price Performance

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

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.