Allspring Global Investments Holdings LLC Boosts Stock Position in Okta, Inc. (NASDAQ:OKTA)

Allspring Global Investments Holdings LLC grew its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 37.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 334,117 shares of the company’s stock after acquiring an additional 90,664 shares during the period. Allspring Global Investments Holdings LLC owned 0.20% of Okta worth $30,248,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. NBC Securities Inc. purchased a new position in Okta during the third quarter worth about $27,000. International Assets Investment Management LLC purchased a new position in shares of Okta during the third quarter worth about $29,000. Harvest Fund Management Co. Ltd bought a new position in shares of Okta in the third quarter worth approximately $39,000. Alpha Paradigm Partners LLC bought a new position in shares of Okta in the third quarter worth approximately $41,000. Finally, Coppell Advisory Solutions LLC purchased a new stake in Okta in the second quarter valued at approximately $46,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised their price objective on shares of Okta from $74.00 to $88.00 and gave the company a “neutral” rating in a research report on Monday, February 26th. Evercore ISI upped their price objective on Okta from $70.00 to $102.00 and gave the stock an “in-line” rating in a report on Thursday, February 29th. Oppenheimer raised their price objective on Okta from $110.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday, February 29th. Sanford C. Bernstein upped their target price on Okta from $84.00 to $114.00 and gave the stock a “market perform” rating in a research note on Thursday, February 29th. Finally, BMO Capital Markets lifted their price target on shares of Okta from $80.00 to $110.00 and gave the stock a “market perform” rating in a research note on Thursday, February 29th. Twenty equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Okta presently has a consensus rating of “Hold” and an average target price of $100.39.

Insider Buying and Selling

In related news, CAO Shibu Ninan sold 4,279 shares of the stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $104.14, for a total transaction of $445,615.06. Following the completion of the sale, the chief accounting officer now owns 4,111 shares in the company, valued at $428,119.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Shibu Ninan sold 4,279 shares of the stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $104.14, for a total transaction of $445,615.06. Following the completion of the transaction, the chief accounting officer now directly owns 4,111 shares of the company’s stock, valued at $428,119.54. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Larissa Schwartz sold 872 shares of the stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $82.83, for a total value of $72,227.76. Following the transaction, the insider now directly owns 22,125 shares of the company’s stock, valued at $1,832,613.75. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,651 shares of company stock worth $1,278,218. 7.36% of the stock is owned by corporate insiders.

Okta Stock Performance

Shares of OKTA opened at $98.26 on Friday. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.20. The business has a 50-day simple moving average of $97.98 and a two-hundred day simple moving average of $85.38. The stock has a market cap of $16.45 billion, a price-to-earnings ratio of -45.28 and a beta of 1.00. Okta, Inc. has a 52 week low of $65.04 and a 52 week high of $114.50.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, February 28th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.35. Okta had a negative return on equity of 5.69% and a negative net margin of 15.69%. The firm had revenue of $605.00 million during the quarter, compared to analysts’ expectations of $586.25 million. On average, analysts expect that Okta, Inc. will post -1.51 EPS for the current year.

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.