Magnetar Financial LLC Purchases 17,858 Shares of Okta, Inc. (NASDAQ:OKTA)

Magnetar Financial LLC raised its stake in Okta, Inc. (NASDAQ:OKTA) by 493.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 21,477 shares of the company’s stock after buying an additional 17,858 shares during the quarter. Magnetar Financial LLC’s holdings in Okta were worth $1,692,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of OKTA. Point72 Asset Management L.P. bought a new position in Okta in the third quarter valued at approximately $49,373,000. Nordea Investment Management AB lifted its stake in Okta by 1,150.2% in the fourth quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock valued at $33,146,000 after buying an additional 382,190 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Okta by 138.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 554,633 shares of the company’s stock valued at $43,721,000 after buying an additional 322,201 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Okta by 58.8% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 568,797 shares of the company’s stock valued at $44,821,000 after buying an additional 210,615 shares in the last quarter. Finally, Tredje AP fonden lifted its stake in Okta by 757.5% in the fourth quarter. Tredje AP fonden now owns 226,295 shares of the company’s stock valued at $17,832,000 after buying an additional 199,906 shares in the last quarter. Institutional investors own 86.64% of the company’s stock.

Insider Activity

In other news, insider Larissa Schwartz sold 2,704 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 24,462 shares of the company’s stock, valued at approximately $1,969,191. The trade was a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jacques Frederic Kerrest sold 3,306 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $88.85, for a total transaction of $293,738.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 752,349 shares of company stock valued at $69,562,237. 7.00% of the stock is owned by company insiders.

Okta Trading Down 1.1 %

Shares of Okta stock opened at $112.80 on Friday. The firm has a 50-day moving average of $96.89 and a 200-day moving average of $84.07. The stock has a market cap of $19.58 billion, a PE ratio of -322.29, a PEG ratio of 6.42 and a beta of 1.09. Okta, Inc. has a 52-week low of $70.56 and a 52-week high of $116.96. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Citigroup lifted their price target on shares of Okta from $100.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, March 4th. Needham & Company LLC reiterated a “buy” rating and issued a $115.00 price objective on shares of Okta in a report on Tuesday, March 4th. Guggenheim reiterated a “buy” rating and issued a $130.00 price objective on shares of Okta in a report on Wednesday, December 4th. Morgan Stanley set a $125.00 price objective on shares of Okta in a report on Tuesday. Finally, Truist Financial lifted their price objective on shares of Okta from $92.00 to $100.00 and gave the company a “hold” rating in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat, Okta has an average rating of “Moderate Buy” and an average target price of $115.29.

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.