Zurcher Kantonalbank Zurich Cantonalbank Buys 33,963 Shares of Okta, Inc. (NASDAQ:OKTA)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 28.6% in the 4th quarter, HoldingsChannel.com reports. The fund owned 152,510 shares of the company’s stock after acquiring an additional 33,963 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Okta were worth $12,018,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of OKTA. Point72 Asset Management L.P. bought a new stake in shares of Okta during the third quarter valued at approximately $49,373,000. Nordea Investment Management AB raised its stake in shares of Okta by 1,150.2% during the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock valued at $33,146,000 after acquiring an additional 382,190 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Okta by 138.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 554,633 shares of the company’s stock valued at $43,721,000 after acquiring an additional 322,201 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Okta by 105.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after acquiring an additional 184,107 shares in the last quarter. Finally, Candriam S.C.A. raised its stake in shares of Okta by 146.1% during the fourth quarter. Candriam S.C.A. now owns 235,650 shares of the company’s stock valued at $18,569,000 after acquiring an additional 139,877 shares in the last quarter. Institutional investors own 86.64% of the company’s stock.

Okta Stock Up 1.7 %

OKTA opened at $108.78 on Thursday. 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 business has a 50 day simple moving average of $93.39 and a 200-day simple moving average of $83.09. The stock has a market capitalization of $18.64 billion, a P/E ratio of -310.80, a P/E/G ratio of 6.42 and a beta of 1.09. Okta, Inc. has a 12 month low of $70.56 and a 12 month high of $116.96.

Wall Street Analysts Forecast Growth

OKTA has been the subject of a number of recent research reports. Canaccord Genuity Group boosted their price objective on shares of Okta from $94.00 to $100.00 and gave the stock a “hold” rating in a research note on Tuesday, March 4th. Needham & Company LLC reissued a “buy” rating and issued a $115.00 price objective on shares of Okta in a research note on Tuesday, March 4th. DA Davidson raised shares of Okta from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $90.00 to $125.00 in a research note on Tuesday, March 4th. Truist Financial boosted their price objective on shares of Okta from $92.00 to $100.00 and gave the stock a “hold” rating in a research note on Tuesday, March 4th. Finally, Westpark Capital reissued a “buy” rating and issued a $140.00 price objective on shares of Okta in a research note on Friday, February 28th. One 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. According to data from MarketBeat, Okta presently has an average rating of “Moderate Buy” and an average price target of $114.39.

Insider Activity at Okta

In related news, CEO Todd Mckinnon sold 233,028 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $82.31, for a total value of $19,180,534.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $80.50, for a total value of $217,672.00. Following the completion of the transaction, the insider now directly owns 24,462 shares of the company’s stock, valued at $1,969,191. The trade was a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 979,482 shares of company stock valued at $88,072,216 in the last ninety days. Corporate 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.