Okta (NASDAQ:OKTA) Insider Eric Robert Kelleher Sells 16,818 Shares

Okta, Inc. (NASDAQ:OKTA) insider Eric Robert Kelleher sold 16,818 shares of the stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $80.00, for a total value of $1,345,440.00. Following the sale, the insider directly owned 15,470 shares of the company’s stock, valued at approximately $1,237,600. This trade represents a 52.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Eric Robert Kelleher also recently made the following trade(s):

• On Friday, January 2nd, Eric Robert Kelleher sold 2,409 shares of Okta stock. The stock was sold at an average price of $84.40, for a total transaction of $203,319.60.

Okta Stock Up 3.4%

NASDAQ:OKTA opened at $81.10 on Tuesday. The firm has a market capitalization of $14.35 billion, a P/E ratio of 61.91, a P/E/G ratio of 3.07 and a beta of 0.79. Okta, Inc. has a 52 week low of $68.77 and a 52 week high of $127.57. The company has a fifty day moving average of $82.84 and a 200 day moving average of $86.40.

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

Okta announced that its board has approved a stock buyback plan on Monday, January 5th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to buy up to 6.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Okta

A number of institutional investors have recently added to or reduced their stakes in OKTA. Vanguard Group Inc. lifted its position in Okta by 5.7% in the third quarter. Vanguard Group Inc. now owns 19,803,227 shares of the company’s stock valued at $1,815,956,000 after buying an additional 1,074,977 shares during the last quarter. Bourgeon Capital Management LLC acquired a new position in Okta during the 3rd quarter worth approximately $7,946,000. Elo Mutual Pension Insurance Co increased its holdings in Okta by 40.1% in the third quarter. Elo Mutual Pension Insurance Co now owns 52,597 shares of the company’s stock valued at $4,823,000 after buying an additional 15,058 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Okta by 3.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,244,062 shares of the company’s stock worth $124,369,000 after acquiring an additional 36,304 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of Okta by 4.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,635,572 shares of the company’s stock worth $425,082,000 after buying an additional 179,919 shares during the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on OKTA shares. Canaccord Genuity Group decreased their price target on Okta from $120.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, March 5th. Piper Sandler lowered their price target on shares of Okta from $100.00 to $82.00 and set a “neutral” rating for the company in a report on Thursday, March 5th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Okta from $85.00 to $80.00 and set a “hold” rating for the company in a research note on Thursday, March 5th. Citigroup dropped their target price on Okta from $100.00 to $87.00 and set a “neutral” rating for the company in a research report on Thursday, March 5th. Finally, DA Davidson reissued a “buy” rating and set a $110.00 target price on shares of Okta in a research note on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $103.25.

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.