Kazazian Asset Management LLC Makes New Investment in Okta, Inc. (NASDAQ:OKTA)

Kazazian Asset Management LLC acquired a new position in shares of Okta, Inc. (NASDAQ:OKTA) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,000 shares of the company’s stock, valued at approximately $236,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OKTA. Point72 Asset Management L.P. acquired a new position in Okta during the third quarter worth $49,373,000. Nordea Investment Management AB lifted its stake in shares of Okta by 1,150.2% in the 4th quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock valued at $33,146,000 after purchasing an additional 382,190 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Okta by 138.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 554,633 shares of the company’s stock valued at $43,721,000 after purchasing an additional 322,201 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Okta by 58.8% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 568,797 shares of the company’s stock valued at $44,821,000 after purchasing an additional 210,615 shares during the last quarter. Finally, Tredje AP fonden lifted its stake in shares of Okta by 757.5% in the 4th quarter. Tredje AP fonden now owns 226,295 shares of the company’s stock valued at $17,832,000 after purchasing an additional 199,906 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Insider Activity

In related news, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The stock was 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. This trade represents a 9.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Todd Mckinnon sold 233,028 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $82.31, for a total value of $19,180,534.68. The disclosure for this sale can be found here. Insiders sold 985,377 shares of company stock valued at $88,742,772 in the last three months. 7.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on OKTA shares. DA Davidson raised Okta from a “neutral” rating to a “buy” rating and upped their price target for the company from $90.00 to $125.00 in a research note on Tuesday, March 4th. Piper Sandler upped their price target on Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Wells Fargo & Company upped their price target on Okta from $95.00 to $100.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 4th. Stifel Nicolaus boosted their price objective on Okta from $115.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, March 4th. Finally, KeyCorp boosted their price objective on Okta from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $115.29.

Okta Stock Down 2.4 %

Okta stock opened at $112.92 on Wednesday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. The stock has a 50 day moving average of $95.78 and a two-hundred day moving average of $83.66. The stock has a market capitalization of $19.60 billion, a price-to-earnings ratio of -322.63, a PEG ratio of 6.42 and a beta of 1.09. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $116.96.

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.