BofA warns Fed risks policy mistake with early rate cuts
In recent transactions, Todd McKinnon, the Chief Executive Officer of Okta, Inc. (NASDAQ:OKTA), sold a significant portion of his stock holdings in the company. On March 20, McKinnon sold a total of 234,289 shares of Okta’s Class A Common Stock. The shares were sold at prices ranging from $112.26 to $114.73 per share, amounting to a total transaction value of approximately $26.5 million. The sale comes as Okta’s stock trades near its 52-week high of $116.96, with the company’s market capitalization now standing at $20.2 billion.
These sales were conducted under a Rule 10b5-1 trading plan, which McKinnon had adopted on April 15, 2024. Following these transactions, McKinnon retains ownership of 35,551 shares directly. Additionally, he continues to hold shares indirectly through a trust. The timing of the sale coincides with Okta’s impressive performance, having delivered a 44% return year-to-date according to InvestingPro data.
The transactions were part of a broader series of stock activities by McKinnon, which also included the conversion of Class B Common Stock to Class A Common Stock. However, these conversions did not involve any monetary exchange. InvestingPro analysis shows Okta maintains a "GREAT" overall financial health score, with 14 additional key insights available to subscribers.
In other recent news, Okta, Inc. reported strong financial results, with a notable 13% year-over-year revenue increase and a 25% growth in Remaining Performance Obligations (RPO) for the fourth quarter of fiscal year 2025, as highlighted by TD Cowen. RBC Capital Markets raised its price target for Okta to $120, citing the company’s better-than-expected performance and increased guidance for fiscal year 2026. Similarly, Stifel adjusted its price target to $120 following Okta’s robust fourth-quarter results, emphasizing growth in RPO and current RPO (cRPO).
BMO Capital Markets also raised its price target from $105 to $130, acknowledging improved execution and growth in Okta’s performance obligations. KeyBanc Capital Markets maintained its Overweight rating and a price target of $135, expressing confidence in Okta’s growth trajectory and strategic positioning in the identity security market. Despite the positive financial indicators and market confidence, TD Cowen held a Hold rating with a $110 target, reflecting a cautious approach to Okta’s valuation.
These developments indicate that Okta is well-regarded among analysts, with several firms adjusting their price targets upward based on the company’s recent performance and future guidance. The focus on identity security and Okta’s strategic initiatives are seen as key factors supporting its growth potential.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.