Brett Tighe Sells 65,000 Shares of Okta (NASDAQ:OKTA) Stock

Okta, Inc. (NASDAQ:OKTA) CFO Brett Tighe sold 65,000 shares of the firm’s stock in a transaction 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 sale, the chief financial officer directly owned 119,680 shares of the company’s stock, valued at approximately $14,032,480. This trade represents a 35.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Okta Trading Down 4.2%

OKTA stock traded down $5.04 during midday trading on Wednesday, hitting $114.92. 3,160,758 shares of the company’s stock were exchanged, compared to its average volume of 3,701,840. The business has a 50-day simple moving average of $86.52 and a two-hundred day simple moving average of $85.05. The stock has a market capitalization of $19.97 billion, a PE ratio of 83.28, a P/E/G ratio of 4.23 and a beta of 0.80. Okta, Inc. has a 1-year low of $62.66 and a 1-year high of $142.35.

Okta (NASDAQ:OKTA) last posted its earnings results 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. The company had revenue of $765.00 million during the quarter, compared to analysts’ expectations of $751.84 million. Okta had a return on equity of 4.15% and a net margin of 8.24%.The firm’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.86 earnings per share. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. As a group, research analysts expect that Okta, Inc. will post 1.74 EPS for the current fiscal year.

Analyst Ratings Changes

OKTA has been the subject of several recent analyst reports. BMO Capital Markets raised their target price on Okta from $95.00 to $120.00 and gave the stock an “outperform” rating in a research note on Friday, May 29th. Citigroup reissued an “outperform” rating on shares of Okta in a research note on Friday, May 29th. Weiss Ratings upgraded Okta from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, June 3rd. 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 research report on Tuesday, June 2nd. Finally, Wells Fargo & Company raised their price target on Okta from $85.00 to $100.00 and gave the stock an “equal weight” 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 assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Okta has a consensus rating of “Moderate Buy” and an average target price of $114.14.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Spire Wealth Management boosted its position in shares of Okta by 30.8% during the fourth quarter. Spire Wealth Management now owns 505 shares of the company’s stock worth $44,000 after buying an additional 119 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Okta by 10.7% in the first quarter. EverSource Wealth Advisors LLC now owns 1,333 shares of the company’s stock valued at $105,000 after purchasing an additional 129 shares during the period. Allworth Financial LP boosted its holdings in Okta by 6.4% in the third quarter. Allworth Financial LP now owns 2,251 shares of the company’s stock valued at $206,000 after purchasing an additional 135 shares during the period. Choreo LLC boosted its holdings in Okta by 2.0% in the third quarter. Choreo LLC now owns 7,239 shares of the company’s stock valued at $664,000 after purchasing an additional 140 shares during the period. Finally, SteelPeak Wealth LLC boosted its holdings in Okta by 2.8% in the first quarter. SteelPeak Wealth LLC now owns 5,166 shares of the company’s stock valued at $407,000 after purchasing an additional 140 shares during the period. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

More Okta News

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Okta’s latest update showed revenue and earnings above expectations, and management raised full-year guidance, reinforcing the company’s growth story and helping support the stock. Okta (OKTA) Valuation In Focus After Earnings Beat And Raised Full Year Guidance
• Positive Sentiment: Analysts highlighted Okta’s strong backlog and AI identity opportunity, with remaining performance obligations reaching $4.72 billion, which points to healthy demand visibility. OKTA’s Strong Backlog and AI Opportunity Drive Growth: What’s Ahead?
• Neutral Sentiment: Market commentary suggests the bullish earnings and AI narrative is being offset by debate over whether Okta’s valuation already reflects much of the upside. How The Okta (OKTA) Narrative Is Shifting With AI Hopes And Valuation Concerns
• Negative Sentiment: Okta CFO Brett Tighe sold 65,000 shares in a pre-arranged 10b5-1 transaction, a move that can weigh on sentiment even though it was disclosed as part of a trading plan. SEC filing for insider transaction
• Negative Sentiment: Recent coverage also points to renewed short-term pressure and volatility in cybersecurity stocks, suggesting traders may be taking profits after the post-earnings move higher.

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.