The Manufacturers Life Insurance Company Has $575,000 Stock Holdings in Okta, Inc. (NASDAQ:OKTA)

The Manufacturers Life Insurance Company increased its position in Okta, Inc. (NASDAQ:OKTA) by 3.3% in the third quarter, Holdings Channel.com reports. The firm owned 7,737 shares of the company’s stock after acquiring an additional 250 shares during the period. The Manufacturers Life Insurance Company’s holdings in Okta were worth $575,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SG Americas Securities LLC boosted its stake in shares of Okta by 122.3% in the 3rd quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock valued at $1,265,000 after purchasing an additional 9,364 shares during the last quarter. Truist Financial Corp grew its holdings in Okta by 62.5% during the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after acquiring an additional 200,770 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Okta by 105.8% during the 3rd 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 during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Okta by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock valued at $79,503,000 after acquiring an additional 17,950 shares during the last quarter. Finally, Atria Wealth Solutions Inc. lifted its stake in shares of Okta by 75.4% in the 2nd quarter. Atria Wealth Solutions Inc. now owns 11,477 shares of the company’s stock valued at $1,074,000 after purchasing an additional 4,932 shares during the period. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OKTA has been the subject of a number of analyst reports. Bank of America cut Okta from a “buy” rating to an “underperform” rating and decreased their price objective for the stock from $135.00 to $75.00 in a research note on Thursday, August 29th. JPMorgan Chase & Co. decreased their target price on Okta from $105.00 to $85.00 and set a “neutral” rating for the company in a research report on Friday, November 29th. Morgan Stanley upgraded shares of Okta from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $92.00 to $97.00 in a research report on Monday, December 2nd. Susquehanna lifted their price objective on shares of Okta from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Finally, Stifel Nicolaus upped their target price on shares of Okta from $108.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Okta has a consensus rating of “Hold” and a consensus target price of $103.77.

Insider Buying and Selling at Okta

In other Okta news, Director Jacques Frederic Kerrest sold 131,426 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the transaction, the director now owns 1,622 shares of the company’s stock, valued at $130,862.96. The trade was a 98.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Larissa Schwartz sold 2,790 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $74.01, for a total value of $206,487.90. Following the completion of the sale, the insider now directly owns 27,713 shares of the company’s stock, valued at approximately $2,051,039.13. The trade was a 9.15 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 607,215 shares of company stock worth $46,304,810. Insiders own 7.00% of the company’s stock.

Okta Stock Performance

Shares of OKTA stock opened at $81.99 on Friday. Okta, Inc. has a 12 month low of $70.56 and a 12 month high of $114.50. The company’s fifty day simple moving average is $76.84 and its 200-day simple moving average is $83.52. The firm has a market cap of $13.93 billion, a PE ratio of -234.26, a P/E/G ratio of 8.93 and a beta of 1.00. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

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.