Key Points
- Okta CFO Brett Tighe sold 65,000 shares on June 8 at an average price of $117.25, totaling about $7.62 million. The sale reduced his direct holdings by 35.2% and was made under a pre-arranged 10b5-1 trading plan.
- Okta shares were down 4.2% around the time of the report, even as the stock had recently traded near its 52-week high. The company’s market cap was about $20 billion, with shares opening at $114.92.
- Despite the insider sale, Okta’s fundamentals looked solid after its latest earnings beat estimates on both EPS and revenue and raised guidance. Analysts remain generally positive, with a consensus “Moderate Buy” rating and an average price target of $114.14.
Okta, Inc. (NASDAQ:OKTA - Get Free Report) CFO Brett Tighe sold 65,000 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $117.25, for a total value of $7,621,250.00. Following the completion of the transaction, the chief financial officer directly owned 119,680 shares in the company, valued at approximately $14,032,480. This trade represents a 35.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Okta Stock Down 4.2%
Shares of NASDAQ:OKTA opened at $114.92 on Thursday. Okta, Inc. has a 52-week low of $62.66 and a 52-week high of $142.35. The stock has a market cap of $19.97 billion, a P/E ratio of 83.28, a price-to-earnings-growth ratio of 4.35 and a beta of 0.80. The business's 50 day moving average is $87.31 and its 200 day moving average is $85.31.
Okta (NASDAQ:OKTA - Get Free Report) last announced its quarterly earnings data on Thursday, May 28th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.06. Okta had a return on equity of 4.15% and a net margin of 8.24%.The company had revenue of $765.00 million for the quarter, compared to analysts' expectations of $751.84 million. During the same quarter in the prior year, the firm earned $0.86 earnings per share. Okta's revenue was up 11.2% compared to the same quarter last year. 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 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on OKTA. Arete Research set a $127.00 target price on Okta and gave the company a "buy" rating in a research report on Tuesday, May 26th. HSBC raised Okta to a "buy" rating in a research report on Thursday, April 16th. Deutsche Bank Aktiengesellschaft dropped their target price on Okta from $85.00 to $80.00 and set a "hold" rating on the stock in a research report on Thursday, March 5th. Truist Financial increased their target price on Okta from $100.00 to $120.00 and gave the company a "buy" rating in a research report on Friday, May 29th. Finally, BTIG Research increased their target price on Okta from $105.00 to $119.00 and gave the company a "buy" rating in a research report on Friday, May 29th. One research 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 given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $114.14.
Read Our Latest Stock Report on OKTA
Okta News Summary
Here are the key news stories impacting Okta this week:
Institutional Trading of Okta
Institutional investors have recently made changes to their positions in the business. Elevation Wealth Partners LLC boosted its position in shares of Okta by 825.0% in the 4th quarter. Elevation Wealth Partners LLC now owns 296 shares of the company's stock worth $26,000 after purchasing an additional 264 shares in the last quarter. SHP Wealth Management acquired a new stake in shares of Okta in the 4th quarter worth $27,000. Torren Management LLC purchased a new position in Okta in the 4th quarter worth $32,000. Aster Capital Management DIFC Ltd purchased a new position in Okta in the 3rd quarter worth $34,000. Finally, Spire Wealth Management raised its stake 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 acquiring an additional 119 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company's stock.
About Okta
(
Get Free Report)
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.
Further Reading
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