Principal Financial Group Inc. Reduces Stock Position in Okta, Inc. (NASDAQ:OKTA)

Principal Financial Group Inc. trimmed its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 5.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,077 shares of the company’s stock after selling 649 shares during the period. Principal Financial Group Inc.’s holdings in Okta were worth $873,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in OKTA. 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 worth $79,503,000 after acquiring an additional 17,950 shares in the last quarter. Penserra Capital Management LLC lifted its position in shares of Okta by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 767,962 shares of the company’s stock worth $57,089,000 after buying an additional 68,757 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Okta in the 3rd quarter valued at $49,373,000. Allspring Global Investments Holdings LLC grew its position in shares of Okta by 138.6% in 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 during the last quarter. Finally, Glenmede Trust Co. NA raised its stake in Okta by 17.6% during the 3rd quarter. Glenmede Trust Co. NA now owns 510,658 shares of the company’s stock worth $37,962,000 after acquiring an additional 76,588 shares in the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Stock Performance

OKTA opened at $111.22 on Friday. The stock’s 50 day simple moving average is $90.54 and its 200 day simple moving average is $82.70. The stock has a market cap of $19.06 billion, a P/E ratio of -317.77, a P/E/G ratio of 6.42 and a beta of 1.09. Okta, Inc. has a 1-year low of $70.56 and a 1-year high of $116.96. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on OKTA shares. DA Davidson raised Okta from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $90.00 to $125.00 in a report on Tuesday. Oppenheimer lifted their price target on Okta from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Tuesday. JPMorgan Chase & Co. increased their price objective on Okta from $100.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, February 28th. Citigroup lifted their target price on shares of Okta from $100.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday. Finally, Wells Fargo & Company increased their price target on shares of Okta from $95.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $113.10.

Insider Buying and Selling at Okta

In other news, Director Jacques Frederic Kerrest sold 130,000 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $105.00, for a total value of $13,650,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Todd Mckinnon sold 233,028 shares of Okta stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $82.31, for a total value of $19,180,534.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 979,482 shares of company stock valued at $88,072,216. Insiders own 7.00% of the company’s stock.

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.