Brett Tighe Sells 65,000 Shares of Okta (NASDAQ:OKTA) Stock

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

Okta Stock Up 2.2%

Shares of NASDAQ OKTA opened at $117.50 on Friday. The business’s 50 day moving average price is $88.09 and its 200 day moving average price is $85.59. The firm has a market cap of $20.42 billion, a P/E ratio of 85.15, a P/E/G ratio of 4.16 and a beta of 0.80. Okta, Inc. has a 52 week low of $62.66 and a 52 week high of $142.35.

Okta (NASDAQ:OKTA) last issued its earnings results on Thursday, May 28th. The company reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.06. The firm had revenue of $765.00 million for the quarter, compared to analyst estimates of $751.84 million. Okta had a return on equity of 4.15% and a net margin of 8.24%.Okta’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.86 earnings per share. 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, research analysts expect that Okta, Inc. will post 1.74 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. upped their target price on Okta from $103.00 to $114.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. Scotiabank upped their target price on Okta from $80.00 to $105.00 and gave the company a “sector perform” rating in a research report on Friday, May 29th. TD Cowen lowered their price objective on Okta from $115.00 to $105.00 and set a “hold” rating on the stock in a research report on Tuesday, February 24th. Piper Sandler upped their price objective on Okta from $82.00 to $105.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Finally, Stifel Nicolaus lowered their price objective on Okta from $121.00 to $92.00 and set a “buy” rating on the stock in a research report on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $114.14.

Institutional Investors Weigh In On Okta

Several hedge funds have recently bought and sold shares of the stock. Spire Wealth Management boosted its position in Okta by 30.8% in the 4th quarter. Spire Wealth Management now owns 505 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in Okta by 10.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,333 shares of the company’s stock worth $105,000 after purchasing an additional 129 shares in the last quarter. Allworth Financial LP raised its stake in shares of Okta by 6.4% during the 3rd quarter. Allworth Financial LP now owns 2,251 shares of the company’s stock worth $206,000 after buying an additional 135 shares during the period. Choreo LLC raised its stake in shares of Okta by 2.0% during the 3rd quarter. Choreo LLC now owns 7,239 shares of the company’s stock worth $664,000 after buying an additional 140 shares during the period. Finally, SteelPeak Wealth LLC raised its stake in shares of Okta by 2.8% during the 1st quarter. SteelPeak Wealth LLC now owns 5,166 shares of the company’s stock worth $407,000 after buying an additional 140 shares during the period. 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.