Insider Selling: Okta (NASDAQ:OKTA) Insider Sells 24,971 Shares of Stock

Key Points

• Okta insider Larissa Schwartz sold 24,971 shares on June 2 at an average price of $134.13, totaling about $3.35 million. The sale was made under a pre-arranged Rule 10b5-1 trading plan, and her stake fell by more than 51%.
• Okta shares were slightly lower in Thursday trading, down 0.9% to $123.48, while the stock has ranged from a 52-week low of $62.66 to a high of $142.35.
• The company’s latest earnings beat expectations, with quarterly EPS of $0.91 versus $0.85 expected and revenue of $765 million, up 11.2% year over year. Analysts remain broadly constructive, with a consensus rating of Moderate Buy and an average target price of $112.29.

Okta, Inc. (NASDAQ:OKTA - Get Free Report) insider Larissa Schwartz sold 24,971 shares of the business's stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $134.13, for a total transaction of $3,349,360.23. Following the transaction, the insider owned 23,477 shares in the company, valued at $3,148,970.01. This represents a 51.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Larissa Schwartz also recently made the following trade(s):

• On Thursday, May 7th, Larissa Schwartz sold 1,054 shares of Okta stock. The stock was sold at an average price of $80.00, for a total transaction of $84,320.00.
• On Wednesday, May 6th, Larissa Schwartz sold 5,323 shares of Okta stock. The shares were sold at an average price of $77.06, for a total transaction of $410,190.38.
• On Tuesday, April 7th, Larissa Schwartz sold 6,377 shares of Okta stock. The stock was sold at an average price of $79.75, for a total transaction of $508,565.75.
• On Tuesday, March 10th, Larissa Schwartz sold 1,836 shares of Okta stock. The stock was sold at an average price of $79.89, for a total transaction of $146,678.04.

Okta Trading Down 0.9%

OKTA traded down $1.17 during trading on Thursday, hitting $123.48. 3,961,499 shares of the company traded hands, compared to its average volume of 3,700,929. The company has a market cap of $21.84 billion, a PE ratio of 89.48, a P/E/G ratio of 5.26 and a beta of 0.80. The stock's 50-day simple moving average is $83.09 and its two-hundred day simple moving average is $83.98. Okta, Inc. has a 1 year low of $62.66 and a 1 year high of $142.35.

Okta (NASDAQ:OKTA - Get Free Report) last issued its quarterly earnings data on Thursday, May 28th. The company reported $0.91 EPS for the quarter, topping analysts' consensus estimates of $0.85 by $0.06. Okta had a net margin of 8.24% and a return on equity of 4.15%. The business had revenue of $765.00 million during the quarter, compared to analysts' expectations of $751.84 million. During the same period last year, the company posted $0.86 EPS. The business's revenue was up 11.2% on a year-over-year basis. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. Equities analysts expect that Okta, Inc. will post 1.62 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on OKTA shares. Morgan Stanley lifted their price target on shares of Okta from $101.00 to $115.00 and gave the company an "overweight" rating in a research note on Friday, May 29th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Okta from $85.00 to $80.00 and set a "hold" rating for the company in a report on Thursday, March 5th. DA Davidson lifted their price objective on shares of Okta from $110.00 to $130.00 and gave the stock a "buy" rating in a research report on Friday, May 29th. BMO Capital Markets lifted their price target on shares of Okta from $95.00 to $120.00 and gave the stock an "outperform" rating in a report on Friday, May 29th. Finally, Stephens cut their price target on shares of Okta from $120.00 to $95.00 and set an "overweight" rating on the stock in a research note on Thursday, March 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Okta currently has an average rating of "Moderate Buy" and a consensus target price of $112.29.

Institutional Trading of Okta

Hedge funds have recently added to or reduced their stakes in the company. Elevation Wealth Partners LLC boosted its holdings in Okta by 825.0% during the fourth quarter. Elevation Wealth Partners LLC now owns 296 shares of the company's stock worth $26,000 after buying an additional 264 shares in the last quarter. SHP Wealth Management purchased a new position in Okta during the fourth quarter valued at $27,000. Torren Management LLC purchased a new position in Okta during the fourth quarter valued at $32,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Okta in the third quarter valued at about $34,000. Finally, Westside Investment Management Inc. raised its position in shares of Okta by 86.9% in the third quarter. Westside Investment Management Inc. now owns 415 shares of the company's stock valued at $38,000 after buying an additional 193 shares during the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

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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