Okta (NASDAQ:OKTA) Insider Eric Robert Kelleher Sells 2,549 Shares of Stock

Okta, Inc. (NASDAQ:OKTA) insider Eric Kelleher sold 2,549 shares of the stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $168.55, for a total transaction of $429,633.95. Following the sale, the insider directly owned 17,069 shares in the company, valued at $2,876,979.95. This represents a 12.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Eric Robert Kelleher also recently made the following trade(s):

• On Thursday, June 18th, Eric Kelleher sold 3,977 shares of Okta stock. The shares were sold at an average price of $114.10, for a total transaction of $453,775.70.

Okta Stock Up 2.1%

Shares of OKTA opened at $190.45 on Wednesday. Okta, Inc. has a fifty-two week low of $62.66 and a fifty-two week high of $191.99. The firm’s 50 day moving average price is $151.03 and its 200 day moving average price is $113.38. The company has a market cap of $33.29 billion, a P/E ratio of 114.73, a PEG ratio of 5.80 and a beta of 0.79.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, August 26th. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.09. The company had revenue of $805.00 million for the quarter, compared to analyst estimates of $793.00 million. Okta had a net margin of 9.63% and a return on equity of 4.50%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.91 EPS. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. Research analysts forecast that Okta, Inc. will post 1.92 earnings per share for the current year.

Hedge Funds Weigh In On Okta

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OKTA. Washington Trust Advisors Inc. boosted its holdings in shares of Okta by 64.2% in the second quarter. Washington Trust Advisors Inc. now owns 197 shares of the company’s stock worth $27,000 after buying an additional 77 shares during the period. CX Institutional lifted its position in shares of Okta by 5.1% in the 2nd quarter. CX Institutional now owns 2,633 shares of the company’s stock valued at $359,000 after acquiring an additional 127 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Okta by 10.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,333 shares of the company’s stock valued at $105,000 after acquiring an additional 129 shares in the last quarter. SteelPeak Wealth LLC boosted its stake in Okta by 2.8% in the 1st quarter. SteelPeak Wealth LLC now owns 5,166 shares of the company’s stock worth $407,000 after purchasing an additional 140 shares during the period. Finally, Hennion & Walsh Asset Management Inc. boosted its stake in 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 purchasing an additional 167 shares during the period. 86.64% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Okta

Here are the key news stories impacting Okta this week:

• Positive Sentiment: AI-related cybersecurity demand is supporting the stock. Investors are betting that broader use of AI will increase the need for identity protection, access controls and security spending. Okta CEO Todd McKinnon argued that slowing AI development could worsen cybersecurity risks because threat actors are not pausing. Okta CEO cautions against AI downshift
• Positive Sentiment: Okta is participating in a broader cybersecurity rally. The company’s shares moved higher alongside CrowdStrike and other enterprise security names as investors repriced the potential security spending associated with AI adoption. Cybersecurity stocks rally on AI security demand
• Neutral Sentiment: Upcoming investor presentations could provide a catalyst. Okta will webcast its Oktane opening keynote and investor summit on September 23. Investors may look for updates on product strategy, AI opportunities, demand trends and financial guidance, although no new outlook was announced. Okta to host investor summit webcast
• Negative Sentiment: An insider sold shares. Director Eric Kelleher sold 2,549 shares for approximately $429,634, reducing his ownership by 12.99%. The transaction was conducted under a pre-arranged Rule 10b5-1 plan, which reduces its significance as a discretionary bearish signal, but it may still weigh modestly on sentiment.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on OKTA. Capital One Financial set a $171.00 price target on Okta and gave the stock an “overweight” rating in a report on Thursday, July 16th. Sanford C. Bernstein lifted their price objective on Okta from $141.00 to $143.00 and gave the company an “outperform” rating in a research note on Thursday, August 27th. Mizuho boosted their price objective on Okta from $145.00 to $165.00 and gave the stock a “neutral” rating in a research report on Thursday, August 27th. TD Cowen upped their target price on shares of Okta from $160.00 to $175.00 and gave the stock a “hold” rating in a research note on Thursday, August 27th. Finally, Canaccord Genuity Group raised their target price on shares of Okta from $115.00 to $175.00 and gave the company a “buy” rating in a report on Thursday, August 27th. One analyst has rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $173.45.

About Okta

Okta, Inc provides cloud-based identity and access management solutions for organizations. Its platform helps businesses securely connect employees, customers, partners and applications while managing authentication, authorization and user access across cloud, on-premises and mobile environments.

The company’s offerings include single sign-on, multifactor authentication, adaptive access controls, lifecycle management, identity governance and privileged access capabilities. Through its Customer Identity Cloud, powered by Auth0, Okta also provides tools for developers and businesses to embed authentication and authorization features into applications and digital services.

Founded in 2009 by Todd McKinnon and Frederic Kerrest, Okta completed its initial public offering in 2017.