Sumitomo Mitsui Financial Group Inc. Raises Holdings in Okta, Inc. (NASDAQ:OKTA)

Sumitomo Mitsui Financial Group Inc. boosted its position in Okta, Inc. (NASDAQ:OKTA) by 12,051.3% in the 4th quarter, Holdings Channel reports. The firm owned 4,739 shares of the company’s stock after acquiring an additional 4,700 shares during the quarter. Sumitomo Mitsui Financial Group Inc.’s holdings in Okta were worth $387,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cerity Partners LLC raised its position in shares of Okta by 22.6% in the fourth quarter. Cerity Partners LLC now owns 66,734 shares of the company’s stock valued at $5,250,000 after buying an additional 12,322 shares during the last quarter. Ilmarinen Mutual Pension Insurance Co grew its stake in Okta by 50.0% during the 4th quarter. Ilmarinen Mutual Pension Insurance Co now owns 75,000 shares of the company’s stock valued at $5,910,000 after acquiring an additional 25,000 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Okta by 12.3% in the 4th quarter. Russell Investments Group Ltd. now owns 37,895 shares of the company’s stock worth $2,987,000 after purchasing an additional 4,147 shares in the last quarter. Hel Ved Capital Management Ltd purchased a new position in Okta in the 4th quarter worth approximately $528,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Okta during the 4th quarter worth approximately $77,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Price Performance

OKTA stock opened at $91.93 on Monday. The business’s 50-day moving average is $101.64 and its two-hundred day moving average is $86.84. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a market capitalization 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. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $118.07.

Insider Buying and Selling

In related news, insider Larissa Schwartz sold 11,552 shares of the stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total value of $1,317,967.68. Following the transaction, the insider now owns 22,125 shares of the company’s stock, valued at $2,524,241.25. This represents a 34.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Jacques Frederic Kerrest sold 390,000 shares of the firm’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $87.09, for a total value of $33,965,100.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 761,197 shares of company stock worth $70,662,533. Company insiders own 7.00% of the company’s stock.

Analyst Ratings Changes

OKTA has been the topic of a number of analyst reports. Mizuho upgraded Okta from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $110.00 to $127.00 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 stock a “buy” rating in a report on Tuesday, March 4th. BMO Capital Markets upped their price objective on shares of Okta from $105.00 to $130.00 and gave the company a “market perform” rating in a report on Monday, March 10th. Susquehanna lifted their target price on shares of Okta from $95.00 to $105.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 4th. Finally, 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. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $116.09.

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.