Insider Selling: Okta (NASDAQ:OKTA) CFO Sells $7,621,250.00 in Stock

Okta, Inc. (NASDAQ:OKTA) CFO Brett Tighe sold 65,000 shares of Okta stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $117.25, for a total transaction of $7,621,250.00. Following the transaction, the chief financial officer directly owned 119,680 shares in the company, valued at $14,032,480. This represents a 35.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $116.29 on Friday. Okta, Inc. has a 1-year low of $62.66 and a 1-year high of $142.35. The company has a market capitalization of $20.21 billion, a P/E ratio of 84.27, a P/E/G ratio of 4.26 and a beta of 0.80. The firm’s 50 day simple moving average is $88.83 and its two-hundred day simple moving average is $85.80.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.06. Okta had a net margin of 8.24% and a return on equity of 4.15%. The business had revenue of $765.00 million for the quarter, compared to the consensus estimate of $751.84 million. During the same quarter in the previous year, the firm earned $0.86 earnings per share. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. On average, sell-side analysts anticipate that Okta, Inc. will post 1.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Okta

Several large investors have recently bought and sold shares of OKTA. Elevation Wealth Partners LLC increased its position in Okta by 825.0% in the fourth quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock worth $26,000 after purchasing an additional 264 shares during the last quarter. SHP Wealth Management bought a new stake in Okta in the fourth quarter worth $27,000. Torren Management LLC bought a new stake in Okta in the fourth quarter worth $32,000. Aster Capital Management DIFC Ltd bought a new stake in Okta in the third quarter worth $34,000. Finally, Spire Wealth Management increased its position in Okta by 30.8% in the fourth quarter. Spire Wealth Management now owns 505 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares during the last quarter. Institutional investors own 86.64% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Citigroup reissued an “outperform” rating on shares of Okta in a report on Friday, May 29th. Mizuho downgraded shares of Okta from an “outperform” rating to a “neutral” rating and boosted their target price for the stock from $110.00 to $125.00 in a report on Tuesday, June 2nd. UBS Group boosted their target price on shares of Okta from $115.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday. Truist Financial boosted their target price on shares of Okta from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, May 29th. Finally, Wolfe Research assumed coverage on shares of Okta in a report on Thursday, April 16th. They issued an “outperform” rating on the stock. One analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $114.14.

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.