Okta (NASDAQ:OKTA) CEO Todd Mckinnon Sells 68,936 Shares of Stock

Okta, Inc. (NASDAQ:OKTA) CEO Todd Mckinnon sold 68,936 shares of the business’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $146.62, for a total value of $10,107,396.32. Following the completion of the sale, the chief executive officer directly owned 38,484 shares of the company’s stock, valued at $5,642,524.08. The trade was a 64.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Okta Trading Down 6.9%

Shares of NASDAQ OKTA traded down $10.21 during trading hours on Friday, reaching $138.63. The stock had a trading volume of 3,366,806 shares, compared to its average volume of 3,095,824. The firm has a 50-day moving average of $111.25 and a 200-day moving average of $92.00. The firm has a market cap of $24.10 billion, a price-to-earnings ratio of 100.46, a PEG ratio of 5.35 and a beta of 0.77. Okta, Inc. has a fifty-two week low of $62.66 and a fifty-two week high of $153.20.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Thursday, May 28th. The company reported $0.91 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 analyst estimates of $751.84 million. During the same quarter in the previous year, the company posted $0.86 earnings per share. The firm’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, equities analysts predict that Okta, Inc. will post 1.75 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on OKTA. Cantor Fitzgerald increased their price target on shares of Okta from $110.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, May 29th. The Goldman Sachs Group initiated coverage on shares of Okta in a research note on Monday. They issued a “buy” rating on the stock. DA Davidson upped their target price on shares of Okta from $110.00 to $130.00 and gave the company a “buy” rating in a report on Friday, May 29th. Wolfe Research began coverage on shares of Okta in a report on Thursday, April 16th. They issued an “outperform” rating for the company. Finally, Mizuho lowered Okta from an “outperform” rating to a “neutral” rating and raised their price target for the stock from $110.00 to $125.00 in a report on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $118.97.

Key Stories Impacting Okta

Here are the key news stories impacting Okta this week:

• Positive Sentiment: KeyBanc raised its price target on Okta to $175 from $130 and kept an overweight rating, reinforcing the bullish analyst case for the stock. Benzinga report on KeyBanc price target increase
• Positive Sentiment: Another report said Okta could benefit from rising AI-driven cyber threats, which may support demand for its identity and security platform. Zacks cybersecurity stocks article
• Positive Sentiment: Brokerage and media coverage also pointed to strong institutional interest and AI-related security demand as supportive themes for Okta shares. FXEmpire article on AI agent security and Okta
• Neutral Sentiment: Recent hedge-fund and institutional filings show mixed positioning, with several large investors adding to Okta while others reduced exposure, suggesting uneven but still meaningful institutional interest.
• Negative Sentiment: CEO Todd McKinnon sold 68,936 shares worth about $10.1 million, trimming his stake significantly, which can weigh on sentiment even though the trade was pre-planned. SEC Form 4 filing

Institutional Investors Weigh In On Okta

Hedge funds have recently modified their holdings of the stock. Generali Investments Management Co LLC grew its position in Okta by 13.1% in the 2nd quarter. Generali Investments Management Co LLC now owns 3,005 shares of the company’s stock valued at $410,000 after buying an additional 349 shares during the last quarter. E. Ohman J or Asset Management AB raised its position in Okta by 2,395.8% during the 2nd quarter. E. Ohman J or Asset Management AB now owns 146,156 shares of the company’s stock worth $19,943,000 after buying an additional 140,300 shares during the last quarter. Handelsbanken Fonder AB raised its position in Okta by 351.3% during the 2nd quarter. Handelsbanken Fonder AB now owns 216,191 shares of the company’s stock worth $29,499,000 after buying an additional 168,291 shares during the last quarter. Fulton Bank N.A. acquired a new stake in shares of Okta in the 2nd quarter worth $365,000. Finally, Hennion & Walsh Asset Management Inc. lifted its stake in shares of Okta by 1.8% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 9,241 shares of the company’s stock worth $1,261,000 after acquiring an additional 167 shares during the period. 86.64% of the stock is owned by institutional investors and hedge funds.

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.