Insider Buying: Okta (NASDAQ:OKTA) Director Purchases 3,712 Shares of Stock

Key Points

• Okta director David Schellhase purchased 3,712 shares on April 16 at an average price of $72.04 under a pre‑arranged Rule 10b5‑1 plan, a $267,412 transaction.
• Okta beat quarterly estimates with $0.90 EPS and $761M revenue, and set FY 2027 guidance of $3.740–$3.820 EPS and Q1 guidance of $0.840–$0.860.
• The Board authorized a $1.0 billion share buyback (up to 6.8% of shares); the stock trades near $75.76 with a $13.4B market cap and a MarketBeat consensus rating of Moderate Buy with a $101.95 target.

Okta, Inc. (NASDAQ:OKTA - Get Free Report) Director David Schellhase acquired 3,712 shares of the stock in a transaction that occurred on Thursday, April 16th. The shares were bought at an average cost of $72.04 per share, for a total transaction of $267,412.48. Following the completion of the transaction, the director directly owned 3,712 shares of the company's stock, valued at $267,412.48. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Okta Stock Performance

Shares of NASDAQ OKTA traded up $3.51 during mid-day trading on Monday, reaching $75.76. The company had a trading volume of 4,852,833 shares, compared to its average volume of 3,544,159. Okta, Inc. has a twelve month low of $62.66 and a twelve month high of $127.57. The stock's 50 day moving average is $77.35 and its 200-day moving average is $84.05. The stock has a market capitalization of $13.40 billion, a PE ratio of 57.83, a price-to-earnings-growth ratio of 2.81 and a beta of 0.76.

Okta (NASDAQ:OKTA - Get Free Report) last posted its quarterly earnings results on Wednesday, March 4th. The company reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.85 by $0.05. The company had revenue of $761.00 million during the quarter, compared to the consensus estimate of $749.87 million. Okta had a return on equity of 4.18% and a net margin of 8.05%.The business's quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the business earned $0.78 EPS. 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, sell-side analysts anticipate that Okta, Inc. will post 1.61 EPS for the current year.

Okta declared that its Board of Directors has authorized a stock repurchase plan on Monday, January 5th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 6.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board believes its shares are undervalued.

Institutional Trading of Okta

A number of institutional investors and hedge funds have recently modified their holdings of OKTA. Integrated Wealth Concepts LLC bought a new position in Okta in the 1st quarter worth $225,000. NewEdge Advisors LLC boosted its holdings in Okta by 853.4% during the first quarter. NewEdge Advisors LLC now owns 5,530 shares of the company's stock valued at $582,000 after acquiring an additional 4,950 shares during the period. Sivia Capital Partners LLC acquired a new stake in shares of Okta in the second quarter valued at about $244,000. Invesco Ltd. grew its position in shares of Okta by 34.1% in the second quarter. Invesco Ltd. now owns 430,844 shares of the company's stock valued at $43,071,000 after purchasing an additional 109,614 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Okta by 122.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,621 shares of the company's stock worth $162,000 after purchasing an additional 893 shares during the period. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Citigroup downgraded shares of Okta from a "neutral" rating to a "negative" rating in a research report on Thursday. JPMorgan Chase & Co. raised their price target on shares of Okta from $102.00 to $103.00 and gave the company an "overweight" rating in a report on Thursday, March 5th. Truist Financial decreased their price objective on shares of Okta from $115.00 to $100.00 and set a "buy" rating for the company in a report on Thursday, March 5th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Okta from $85.00 to $80.00 and set a "hold" rating on the stock in a research report on Thursday, March 5th. Finally, BMO Capital Markets upgraded Okta from a "market perform" rating to an "outperform" rating and raised their target price for the company from $83.00 to $97.00 in a report on Friday, March 6th. Twenty-nine research analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $101.95.

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.

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