Okta (NASDAQ:OKTA) CRO Sells $1,812,818.16 in Stock

Okta, Inc. (NASDAQ:OKTA) CRO Jonathan James Addison sold 23,304 shares of Okta stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of $77.79, for a total value of $1,812,818.16. Following the completion of the transaction, the executive owned 4,364 shares in the company, valued at approximately $339,475.56. This represents a 84.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Okta Price Performance

Shares of OKTA stock opened at $75.47 on Tuesday. The stock has a market capitalization of $13.35 billion, a PE ratio of 57.61, a P/E/G ratio of 2.86 and a beta of 0.79. Okta, Inc. has a 1-year low of $68.77 and a 1-year high of $127.57. The business has a 50-day moving average of $81.33 and a 200 day moving average of $85.85.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Wednesday, March 4th. The company reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.05. Okta had a return on equity of 4.18% and a net margin of 8.05%.The business had revenue of $761.00 million for the quarter, compared to analysts’ expectations of $749.87 million. During the same period in the previous year, the firm earned $0.78 EPS. The business’s quarterly revenue was up 11.6% on a year-over-year basis. Okta has set its FY 2027 guidance at 3.740-3.820 EPS and its Q1 2027 guidance at 0.840-0.860 EPS. Analysts anticipate that Okta, Inc. will post 0.42 EPS for the current year.

Okta declared that its Board of Directors has approved a stock repurchase program on Monday, January 5th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 6.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have issued reports on OKTA. Sanford C. Bernstein restated an “outperform” rating and issued a $134.00 price objective on shares of Okta in a research report on Friday, March 6th. Mizuho reduced their price target on Okta from $110.00 to $100.00 and set an “outperform” rating on the stock in a report on Tuesday, February 17th. Morgan Stanley lowered their price target on Okta from $110.00 to $101.00 and set an “overweight” rating for the company in a research report on Thursday, March 5th. Citigroup cut their price objective on Okta from $100.00 to $87.00 and set a “neutral” rating on the stock in a research report on Thursday, March 5th. Finally, Guggenheim reissued a “buy” rating and set a $138.00 target price on shares of Okta in a research note on Wednesday, December 3rd. Twenty-six analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $103.25.

Hedge Funds Weigh In On Okta

A number of institutional investors have recently added to or reduced their stakes in OKTA. Corient Private Wealth LLC boosted its holdings in shares of Okta by 60.2% during the 4th quarter. Corient Private Wealth LLC now owns 17,914 shares of the company’s stock valued at $1,549,000 after buying an additional 6,732 shares in the last quarter. Hsbc Holdings PLC increased its stake in shares of Okta by 12.1% in the 4th quarter. Hsbc Holdings PLC now owns 381,546 shares of the company’s stock worth $33,038,000 after acquiring an additional 41,162 shares in the last quarter. SHP Wealth Management purchased a new position in Okta during the 4th quarter valued at about $27,000. Kera Capital Partners Inc. boosted its stake in Okta by 57.6% during the fourth quarter. Kera Capital Partners Inc. now owns 5,401 shares of the company’s stock worth $456,000 after acquiring an additional 1,975 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in Okta by 19.1% during the fourth quarter. Invesco Ltd. now owns 548,741 shares of the company’s stock worth $47,450,000 after acquiring an additional 88,112 shares in the last quarter. Institutional investors own 86.64% of the company’s stock.

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.