CIBC Asset Management Inc Grows Stake in Okta, Inc. (NASDAQ:OKTA)

CIBC Asset Management Inc raised its stake in Okta, Inc. (NASDAQ:OKTA) by 13.9% during the fourth quarter, Holdings Channel reports. The fund owned 6,433 shares of the company’s stock after buying an additional 783 shares during the period. CIBC Asset Management Inc’s holdings in Okta were worth $507,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OKTA. Point72 Asset Management L.P. purchased a new position in Okta in the third quarter valued at about $49,373,000. Nordea Investment Management AB lifted its stake in shares of Okta by 1,150.2% during the 4th quarter. Nordea Investment Management AB now owns 415,418 shares of the company’s stock valued at $33,146,000 after buying an additional 382,190 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Okta by 138.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 554,633 shares of the company’s stock valued at $43,721,000 after buying an additional 322,201 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its stake in shares of Okta by 232.0% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock valued at $29,479,000 after buying an additional 277,084 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake 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 buying an additional 184,107 shares in the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Okta

In other Okta news, CEO Todd Mckinnon sold 233,028 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $82.31, for a total transaction of $19,180,534.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brett Tighe sold 5,000 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $89.00, for a total transaction of $445,000.00. Following the sale, the chief financial officer now directly owns 112,533 shares of the company’s stock, valued at $10,015,437. The trade was a 4.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 980,908 shares of company stock valued at $85,025,665 in the last quarter. Company insiders own 7.00% of the company’s stock.

Okta Price Performance

OKTA stock opened at $92.75 on Friday. 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 52 week low of $70.56 and a 52 week high of $114.50. The firm’s fifty day moving average is $88.64 and its 200 day moving average is $82.53. The firm has a market cap of $15.89 billion, a P/E ratio of -265.00, a P/E/G ratio of 6.42 and a beta of 1.03.

Analyst Ratings Changes

A number of brokerages recently commented on OKTA. Mizuho upped their price target on shares of Okta from $100.00 to $110.00 and gave the company a “neutral” rating in a research note on Wednesday, February 12th. Guggenheim restated a “buy” rating and set a $130.00 price target on shares of Okta in a research note on Wednesday, December 4th. UBS Group upped their price target on shares of Okta from $108.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday. Robert W. Baird upped their target price on shares of Okta from $105.00 to $115.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $115.00 target price on shares of Okta in a report on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Okta presently has an average rating of “Hold” and a consensus target price of $106.13.

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.