KLP Kapitalforvaltning AS Invests $8.11 Million in Okta, Inc. (NASDAQ:OKTA)

KLP Kapitalforvaltning AS bought a new stake in shares of Okta, Inc. (NASDAQ:OKTA) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 102,900 shares of the company’s stock, valued at approximately $8,109,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Frank Rimerman Advisors LLC boosted its position in shares of Okta by 2.4% in the fourth quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company’s stock worth $352,000 after buying an additional 105 shares during the period. Stephens Inc. AR grew its position in Okta by 5.0% in the fourth quarter. Stephens Inc. AR now owns 3,296 shares of the company’s stock valued at $260,000 after acquiring an additional 157 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Okta by 2.3% during the fourth 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 period. Great Lakes Advisors LLC lifted its position in shares of Okta by 2.7% during the fourth quarter. Great Lakes Advisors LLC now owns 7,070 shares of the company’s stock worth $557,000 after purchasing an additional 184 shares in the last quarter. Finally, CHICAGO TRUST Co NA boosted its stake in shares of Okta by 6.5% in the fourth quarter. CHICAGO TRUST Co NA now owns 3,120 shares of the company’s stock valued at $246,000 after purchasing an additional 191 shares during the period. 86.64% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Jacques Frederic Kerrest sold 390,000 shares of the business’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $87.09, for a total transaction of $33,965,100.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Larissa Schwartz sold 2,704 shares of the 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 sale, the insider now owns 24,462 shares of the company’s stock, valued at approximately $1,969,191. This represents a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 763,901 shares of company stock worth $70,880,205. Company insiders own 7.00% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on OKTA shares. Piper Sandler lifted their price target on shares of Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Susquehanna raised their price objective on Okta from $95.00 to $105.00 and gave the company a “neutral” rating in a research note on Tuesday, March 4th. Mizuho upgraded shares of Okta from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $110.00 to $127.00 in a research note on Tuesday, March 4th. Truist Financial boosted their price objective on Okta from $92.00 to $100.00 and gave the company a “hold” rating in a report on Tuesday, March 4th. Finally, Oppenheimer boosted their price objective on shares of Okta from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $115.29.

Okta Stock Up 2.3 %

Shares of Okta stock opened at $116.38 on Tuesday. Okta, Inc. has a 12-month low of $70.56 and a 12-month high of $118.07. The firm has a market capitalization of $20.20 billion, a PE ratio of -332.51, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. 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’s fifty day moving average is $98.14 and its 200-day moving average is $84.73.

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.