Okta, Inc. (NASDAQ:OKTA) Stake Increased by Westpac Banking Corp

Westpac Banking Corp raised its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 2,574.9% during the fourth quarter, HoldingsChannel reports. The fund owned 9,817 shares of the company’s stock after acquiring an additional 9,450 shares during the quarter. Westpac Banking Corp’s holdings in Okta were worth $774,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in OKTA. Bank of Jackson Hole Trust bought a new position in shares of Okta during the fourth quarter worth about $25,000. Legacy Investment Solutions LLC acquired a new stake in Okta during the third quarter valued at approximately $32,000. TD Private Client Wealth LLC lifted its holdings in Okta by 3,507.7% during the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after buying an additional 456 shares during the last quarter. Brown Brothers Harriman & Co. acquired a new position in shares of Okta in the 4th quarter worth approximately $43,000. Finally, Wingate Wealth Advisors Inc. bought a new stake in shares of Okta in the 4th quarter valued at approximately $44,000. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Stock Performance

OKTA stock opened at $91.93 on Friday. The stock has a market cap of $15.96 billion, a P/E ratio of -262.66, a P/E/G ratio of 6.42 and a beta of 1.06. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a 50 day simple moving average of $101.64 and a 200 day simple moving average of $86.67. Okta, Inc. has a 52 week low of $70.56 and a 52 week high of $118.07.

Analysts Set New Price Targets

Several brokerages recently issued reports on OKTA. BMO Capital Markets raised their price objective on Okta from $105.00 to $130.00 and gave the stock a “market perform” rating in a research note on Monday, March 10th. DA Davidson upgraded shares of Okta from a “neutral” rating to a “buy” rating and upped their target price for the stock from $90.00 to $125.00 in a research report on Tuesday, March 4th. Stifel Nicolaus lifted their price target on Okta from $115.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, March 4th. Citigroup increased their price objective on Okta from $100.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, March 4th. Finally, Robert W. Baird lifted their target price on Okta from $115.00 to $130.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $116.09.

Insider Buying and Selling at Okta

In related news, CFO Brett Tighe sold 5,000 shares of Okta stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total transaction of $445,000.00. Following the completion of the sale, the chief financial officer now owns 112,533 shares of the company’s stock, valued at approximately $10,015,437. This trade represents a 4.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 2,704 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $89.58, for a total value of $242,224.32. Following the completion of the transaction, the insider now owns 23,311 shares in the company, valued at $2,088,199.38. This trade represents a 10.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 761,197 shares of company stock valued at $70,662,533 in the last quarter. Company 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.