Nemes Rush Group LLC Acquires 3,756 Shares of Okta, Inc. (NASDAQ:OKTA)

by · The Cerbat Gem

Nemes Rush Group LLC boosted its holdings in shares of Okta, Inc. (NASDAQ:OKTA – Free Report) by 757.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,252 shares of the company’s stock after buying an additional 3,756 shares during the period. Nemes Rush Group LLC’s holdings in Okta were worth $335,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of Okta in the 4th quarter worth about $234,992,000. Arrowstreet Capital Limited Partnership increased its holdings in Okta by 54.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,241,220 shares of the company’s stock worth $97,808,000 after purchasing an additional 440,171 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Okta by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company’s stock worth $87,903,000 after purchasing an additional 46,064 shares during the last quarter. Point72 Asset Management L.P. bought a new position in shares of Okta in the third quarter valued at approximately $49,373,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Okta by 58.8% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 568,797 shares of the company’s stock valued at $44,821,000 after buying an additional 210,615 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Larissa Schwartz sold 11,552 shares of Okta stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total transaction of $1,317,967.68. Following the completion of the sale, the insider now owns 22,125 shares of the company’s stock, valued at approximately $2,524,241.25. This trade represents a 34.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Eric Robert Kelleher sold 5,895 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $113.75, for a total value of $670,556.25. Following the completion of the transaction, the insider now owns 9,828 shares in the company, valued at $1,117,935. This represents a 37.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 761,197 shares of company stock worth $70,662,533 in the last three months. Corporate insiders own 7.00% of the company’s stock.

Wall Street Analyst Weigh In

OKTA has been the subject of a number of analyst reports. Barclays increased their price target on Okta from $105.00 to $115.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 4th. Piper Sandler raised their price target on shares of Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. The Goldman Sachs Group upped their price objective on shares of Okta from $107.00 to $123.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. Westpark Capital reissued a “buy” rating and set a $140.00 target price on shares of Okta in a research report on Friday, February 28th. Finally, Stephens initiated coverage on Okta in a report on Tuesday. They issued an “equal weight” rating and a $127.00 target price for the company. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $116.09.

Read Our Latest Research Report on Okta

Okta Stock Performance

Okta stock opened at $104.69 on Wednesday. Okta, Inc. has a 1-year low of $70.56 and a 1-year high of $118.07. 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 firm has a market capitalization of $18.17 billion, a PE ratio of -299.11, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. The firm’s 50 day simple moving average is $101.00 and its 200 day simple moving average is $86.31.

Okta Company Profile

(Free Report)

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.

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