Royal London Asset Management Ltd. Raises Stock Holdings in Okta, Inc. (NASDAQ:OKTA)

Royal London Asset Management Ltd. boosted its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 16.2% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 73,629 shares of the company’s stock after purchasing an additional 10,276 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Okta were worth $5,802,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Itau Unibanco Holding S.A. acquired a new stake in shares of Okta during the third quarter worth approximately $25,000. Bank of Jackson Hole Trust bought a new position in Okta during the 4th quarter valued at $25,000. Legacy Investment Solutions LLC acquired a new position in Okta during the 3rd quarter worth $32,000. Modus Advisors LLC bought a new stake in shares of Okta in the 4th quarter worth about $44,000. Finally, Wingate Wealth Advisors Inc. acquired a new stake in shares of Okta in the 4th quarter valued at about $44,000. 86.64% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Okta

In other Okta news, insider Larissa Schwartz sold 11,552 shares of the firm’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $114.09, for a total value of $1,317,967.68. Following the completion of the transaction, the insider now directly owns 22,125 shares in the company, valued at $2,524,241.25. This trade represents a 34.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Jacques Frederic Kerrest sold 390,000 shares of the business’s stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders sold 763,901 shares of company stock worth $70,880,205 in the last quarter. 7.00% of the stock is owned by company insiders.

Okta Stock Performance

Shares of NASDAQ OKTA opened at $113.74 on Monday. The stock’s fifty day simple moving average is $97.48 and its 200 day simple moving average is $84.44. The stock has a market capitalization of $19.75 billion, a price-to-earnings ratio of -324.97, a PEG 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. Okta, Inc. has a 52-week low of $70.56 and a 52-week high of $116.96.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on OKTA shares. Needham & Company LLC reiterated a “buy” rating and issued a $115.00 price target on shares of Okta in a research note on Tuesday, March 4th. BTIG Research restated a “buy” rating on shares of Okta in a research report on Tuesday, March 4th. Barclays boosted their price objective on shares of Okta from $105.00 to $115.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 4th. DA Davidson upgraded Okta from a “neutral” rating to a “buy” rating and increased their price target for the stock from $90.00 to $125.00 in a research report on Tuesday, March 4th. Finally, Piper Sandler lifted their price objective on shares of Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. One investment 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 data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $115.29.

Okta 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.