Sumitomo Mitsui Trust Group Inc. Increases Position in Okta, Inc. (NASDAQ:OKTA)

Sumitomo Mitsui Trust Group Inc. grew its holdings in Okta, Inc. (NASDAQ:OKTA) by 6.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 363,950 shares of the company’s stock after purchasing an additional 21,543 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.21% of Okta worth $28,679,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in OKTA. Itau Unibanco Holding S.A. acquired a new position in Okta during the third quarter worth $25,000. Blue Trust Inc. raised its holdings in shares of Okta by 105.5% during the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after acquiring an additional 191 shares during the period. Legacy Investment Solutions LLC acquired a new position in shares of Okta during the 3rd quarter valued at about $32,000. Modus Advisors LLC purchased a new stake in shares of Okta in the fourth quarter valued at about $44,000. Finally, Planning Capital Management Corp acquired a new stake in Okta during the third quarter worth about $49,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Okta news, CFO Brett Tighe sold 5,000 shares of Okta stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $94.76, for a total value of $473,800.00. Following the sale, the chief financial officer now owns 97,533 shares of the company’s stock, valued at approximately $9,242,227.08. The trade was a 4.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $80.68, for a total value of $10,603,449.68. Following the transaction, the director now directly owns 1,622 shares of the company’s stock, valued at approximately $130,862.96. This trade represents a 98.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 978,168 shares of company stock valued at $84,758,269. Insiders own 7.00% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on OKTA shares. Guggenheim reiterated a “buy” rating and issued a $130.00 target price on shares of Okta in a report on Wednesday, December 4th. JMP Securities reiterated a “market perform” rating on shares of Okta in a research report on Wednesday, December 4th. Stifel Nicolaus lifted their target price on Okta from $108.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Deutsche Bank Aktiengesellschaft lowered Okta from a “buy” rating to a “hold” rating and decreased their price target for the company from $115.00 to $85.00 in a research note on Tuesday, November 12th. Finally, Barclays raised their price objective on Okta from $81.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $104.87.

Okta Stock Performance

Shares of OKTA stock opened at $95.78 on Wednesday. The stock’s 50-day moving average is $86.61 and its two-hundred day moving average is $82.08. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $114.50. The firm has a market cap of $16.41 billion, a price-to-earnings ratio of -273.66, a PEG ratio of 6.58 and a beta of 1.03.

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.