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

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

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. purchased a new stake in shares of Okta during the 3rd quarter worth approximately $25,000. Blue Trust Inc. increased its stake in Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after purchasing an additional 191 shares in the last quarter. Legacy Investment Solutions LLC acquired a new position in Okta during the third quarter worth $32,000. Modus Advisors LLC purchased a new stake in Okta during the fourth quarter worth $44,000. Finally, Planning Capital Management Corp acquired a new stake in Okta in the third quarter valued at $49,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Okta news, CFO Brett Tighe sold 5,000 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $89.00, for a total transaction of $445,000.00. Following the transaction, the chief financial officer now owns 112,533 shares in the company, valued at $10,015,437. The trade was a 4.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,704 shares of the 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. This trade represents a 9.95 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 978,168 shares of company stock valued at $84,758,269. Company insiders own 7.00% of the company’s stock.

Okta Price Performance

OKTA opened at $95.78 on Wednesday. Okta, Inc. has a 52-week low of $70.56 and a 52-week high of $114.50. The company has a 50 day moving average of $86.61 and a two-hundred day moving average of $82.08. The company has a market cap of $16.41 billion, a P/E ratio of -273.66, a P/E/G ratio of 6.58 and a beta of 1.03. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Piper Sandler increased their price objective on shares of Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Barclays raised their price objective on shares of Okta from $81.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 4th. Truist Financial reaffirmed a “hold” rating and issued a $92.00 target price (up previously from $80.00) on shares of Okta in a research note on Wednesday, December 4th. Wells Fargo & Company raised their price target on Okta from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Finally, JMP Securities restated a “market perform” rating on shares of Okta in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, Okta has a consensus rating of “Hold” and an average target price of $104.87.

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.