Todd Mckinnon Sells 68,936 Shares of Okta (NASDAQ:OKTA) Stock

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

Okta Price Performance

Shares of OKTA stock traded down $10.21 during trading hours on Friday, reaching $138.63. The company had a trading volume of 3,364,599 shares, compared to its average volume of 3,656,083. The company has a 50 day moving average of $110.00 and a 200 day moving average of $91.67. The firm has a market cap of $24.10 billion, a price-to-earnings ratio of 100.46, a P/E/G ratio of 5.28 and a beta of 0.77. Okta, Inc. has a 1-year low of $62.66 and a 1-year high of $153.20.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Thursday, May 28th. The company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06. Okta had a return on equity of 4.15% and a net margin of 8.24%.The business had revenue of $765.00 million during the quarter, compared to analysts’ expectations of $751.84 million. During the same period in the previous year, the firm earned $0.86 earnings per share. The firm’s quarterly revenue was up 11.2% compared to the same quarter last year. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. As a group, sell-side analysts forecast that Okta, Inc. will post 1.75 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Elevation Wealth Partners LLC grew its position in shares of Okta by 825.0% in the 4th quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock valued at $26,000 after acquiring an additional 264 shares during the period. SHP Wealth Management bought a new position in Okta during the 4th quarter worth $27,000. Torren Management LLC acquired a new position in shares of Okta in the fourth quarter valued at about $32,000. MassMutual Private Wealth & Trust FSB increased its position in Okta by 279.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company’s stock worth $40,000 after acquiring an additional 218 shares during the period. Finally, Spire Wealth Management increased its position in Okta by 30.8% during the fourth quarter. Spire Wealth Management now owns 505 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares during the period. Institutional investors and hedge funds own 86.64% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on OKTA. Wedbush reiterated an “outperform” rating and issued a $60.00 price target on shares of Okta in a research report on Friday, May 29th. Oppenheimer upped their target price on shares of Okta from $110.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. Mizuho lowered shares of Okta from an “outperform” rating to a “neutral” rating and increased their target price for the stock from $110.00 to $125.00 in a report on Tuesday, June 2nd. Royal Bank Of Canada lifted their price target on shares of Okta from $108.00 to $122.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. Finally, Piper Sandler boosted their price target on shares of Okta from $82.00 to $105.00 and gave the company a “neutral” rating in a report on Friday, May 29th. One 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 company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $118.97.

About Okta

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.