Todd Mckinnon Sells 11,263 Shares of Okta (NASDAQ:OKTA) Stock

Okta, Inc. (NASDAQ:OKTA) CEO Todd Mckinnon sold 11,263 shares of Okta stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $81.01, for a total transaction of $912,415.63. Following the completion of the transaction, the chief executive officer directly owned 97,083 shares of the company’s stock, valued at $7,864,693.83. This trade represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Okta Stock Performance

Shares of NASDAQ OKTA opened at $79.38 on Friday. The firm’s 50 day moving average price is $81.94 and its 200-day moving average price is $86.19. Okta, Inc. has a 52-week low of $68.77 and a 52-week high of $127.57. The company has a market cap of $14.04 billion, a PE ratio of 60.60, a P/E/G ratio of 3.05 and a beta of 0.79.

Okta (NASDAQ:OKTA) last posted its 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 during the quarter, compared to analyst estimates of $749.87 million. During the same quarter last year, the company earned $0.78 EPS. The company’s quarterly revenue 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. On average, analysts forecast that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

Okta announced that its Board of Directors has initiated a stock buyback program on Monday, January 5th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 6.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Zacks Research raised Okta from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 25th. Mizuho reduced their price target on shares of Okta from $110.00 to $100.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 17th. Morgan Stanley decreased their price target on shares of Okta from $110.00 to $101.00 and set an “overweight” rating on the stock in a research note on Thursday, March 5th. Guggenheim reiterated a “buy” rating and set a $138.00 price objective on shares of Okta in a research report on Wednesday, December 3rd. Finally, Susquehanna reduced their target price on shares of Okta from $105.00 to $80.00 and set a “neutral” rating on the stock in a report on Wednesday, December 3rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $103.25.

Institutional Trading of Okta

Several hedge funds and other institutional investors have recently bought and sold shares of OKTA. Norges Bank bought a new stake in Okta in the second quarter worth $211,923,000. First Trust Advisors LP increased its position in Okta by 28.2% during the fourth quarter. First Trust Advisors LP now owns 6,030,090 shares of the company’s stock valued at $521,422,000 after acquiring an additional 1,326,051 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Okta by 113.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,067,128 shares of the company’s stock valued at $172,895,000 after acquiring an additional 1,099,962 shares during the period. Vanguard Group Inc. raised its stake in shares of 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 acquiring an additional 1,074,977 shares during the period. Finally, Alyeska Investment Group L.P. lifted its holdings in shares of Okta by 276.9% in the 3rd quarter. Alyeska Investment Group L.P. now owns 1,403,499 shares of the company’s stock worth $128,701,000 after acquiring an additional 1,031,083 shares during the last quarter. Hedge funds and other 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.