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SAN FRANCISCO—Jacques Kerrest, a director at Okta Inc . (NASDAQ:OKTA), recently executed a series of stock transactions involving the company's Class A common stock. According to a regulatory filing, Kerrest sold shares valued at approximately $45.8 million over two days, with sales prices ranging from $86.9913 to $88.50 per share. The transactions occurred as Okta's stock showed strong momentum, with InvestingPro data indicating the shares are currently trading near $90.90, suggesting potential upside according to Fair Value estimates.
The transactions were carried out on January 23 and January 24, 2025, as part of a pre-established trading plan. On January 23, Kerrest sold multiple tranches of shares at prices ranging from $86.9914 to $88.31, clearing his direct ownership of the stock. On January 24, he continued to sell shares at a price of $88.50 each, further reducing his holdings. The company maintains impressive gross profit margins of 76% and has achieved revenue growth of nearly 17% over the last twelve months.
Kerrest also executed several stock options, acquiring shares at no cost, which were subsequently sold as part of the same trading plan. These transactions were conducted in accordance with a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined schedule for selling shares to avoid any potential accusations of insider trading.
These sales come amid a period of strategic initiatives at Okta, a leading provider of identity management solutions. The company, headquartered in San Francisco, continues to expand its market presence, focusing on securing digital identities for enterprises globally.
In other recent news, Okta, Inc. has seen several positive adjustments to its stock ratings and price targets following its robust financial performance. KeyBanc Capital Markets upgraded Okta from Sector Weight to Overweight, setting a new price target of $115. This upgrade reflects the company's strong prospects within the security sector and the increasing importance of identity security, where Okta is leading.
Baird increased its price target for Okta to $115, identifying the company as one of its top small to mid-cap investment ideas for the upcoming year. Meanwhile, Bernstein revised its price target for Okta to $124, maintaining an Outperform rating despite the reduction.
BMO Capital maintained a Market Perform rating and a $105.00 price target on Okta, highlighting equal measures of opportunities and risks. Piper Sandler also maintained a Neutral rating on Okta, raising the price target to $90 from $85.
These recent developments follow Okta's impressive third-quarter results, which showcased a 14% increase in revenue and a 13% rise in calculated remaining performance obligations (cRPO) growth. Despite some operational challenges, Okta remains a dominant player in the identity management market, underlined by the growing adoption of Zero Trust security frameworks.
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