Okta (NASDAQ:OKTA) CEO Sells $10,107,396.32 in Stock

Okta, Inc. (NASDAQ:OKTA) CEO Todd Mckinnon sold 68,936 shares of the business’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $146.62, for a total value of $10,107,396.32. Following the completion of the sale, the chief executive officer owned 38,484 shares of the company’s stock, valued at approximately $5,642,524.08. This trade represents a 64.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Okta Price Performance

Okta stock traded down $10.21 during mid-day trading on Friday, reaching $138.63. 3,364,599 shares of the company were exchanged, compared to its average volume of 3,656,083. The company has a fifty day simple moving average of $110.00 and a 200-day simple moving average of $91.67. Okta, Inc. has a 12 month low of $62.66 and a 12 month high of $153.20. The firm has a market cap of $24.10 billion, a PE ratio of 100.46, a PEG ratio of 5.28 and a beta of 0.77.

Okta (NASDAQ:OKTA) last released its earnings results on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.06. The firm had revenue of $765.00 million during the quarter, compared to the consensus estimate of $751.84 million. Okta had a return on equity of 4.15% and a net margin of 8.24%.The company’s revenue was up 11.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.86 EPS. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. Sell-side analysts anticipate that Okta, Inc. will post 1.75 earnings per share for the current year.

Institutional Trading of Okta

Large investors have recently modified their holdings of the stock. Spire Wealth Management increased its stake in shares of Okta by 30.8% in the 4th quarter. Spire Wealth Management now owns 505 shares of the company’s stock valued at $44,000 after acquiring an additional 119 shares in the last quarter. CX Institutional grew its holdings in Okta by 5.1% in the second quarter. CX Institutional now owns 2,633 shares of the company’s stock worth $359,000 after purchasing an additional 127 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Okta by 10.7% in the first quarter. EverSource Wealth Advisors LLC now owns 1,333 shares of the company’s stock worth $105,000 after purchasing an additional 129 shares during the period. Allworth Financial LP increased its stake in Okta by 6.4% in the third quarter. Allworth Financial LP now owns 2,251 shares of the company’s stock valued at $206,000 after purchasing an additional 135 shares in the last quarter. Finally, SteelPeak Wealth LLC raised its holdings in shares of Okta by 2.8% during the first quarter. SteelPeak Wealth LLC now owns 5,166 shares of the company’s stock valued at $407,000 after purchasing an additional 140 shares during the period. Institutional investors and hedge funds own 86.64% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the company. HC Wainwright initiated coverage on Okta in a research note on Monday. They set a “buy” rating for the company. Weiss Ratings upgraded Okta from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, June 3rd. Seaport Research Partners lowered shares of Okta to a “neutral” rating in a research note on Thursday, April 16th. Arete Research set a $127.00 price objective on shares of Okta and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Finally, Wells Fargo & Company boosted their target price on shares of Okta from $85.00 to $100.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $118.97.

Okta Company Profile

Okta, Inc is a publicly traded provider of identity and access management solutions, headquartered in San Francisco, California. Founded in 2009 by Todd McKinnon and Frederic Kerrest, the company completed its initial public offering in April 2017. Under the leadership of McKinnon as chief executive officer and Kerrest as chief operating officer, Okta has grown into a leading vendor in the cybersecurity space, focusing on secure user authentication, single sign-on and lifecycle management for digital identities.

At the core of Okta’s offering is the Okta Identity Cloud, a suite of cloud-native services that enable organizations to manage user access across web and mobile applications, on-premises systems and APIs.