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Jacques Kerrest, a director at Okta, Inc. (NASDAQ:OKTA), recently executed a series of stock transactions, selling a significant portion of his holdings. According to a recent SEC filing, Kerrest sold a total of 75,999 shares of Okta’s Class A Common Stock at an average price of $100.50 per share, amounting to approximately $7.5 million. The identity management company, currently valued at $16.58 billion, has demonstrated strong performance with a 22.2% return year-to-date and maintains impressive gross profit margins of 76%.
The transactions were conducted on February 13, 2025, under a pre-established Rule 10b5-1 trading plan. Prior to the sales, Kerrest acquired 65,000 shares of Class A Common Stock through the exercise of stock options and additional shares through conversions, which were then sold in the market. According to InvestingPro analysis, Okta is currently trading slightly below its Fair Value, with 36 analysts recently revising their earnings expectations upward for the upcoming period.
Following these transactions, Kerrest’s direct ownership in Okta was adjusted, with no remaining shares directly held under his name. The sales reflect a strategic financial decision by Kerrest, a key figure in the company, as he continues his role on the board of directors. With Okta’s next earnings report scheduled for March 3, 2025, investors can access comprehensive analysis and additional insights through InvestingPro’s detailed research reports, which cover over 1,400 US stocks.
In other recent news, Okta Inc . has undergone significant leadership changes, with Eric Kelleher being promoted to President and COO, while Eugenio Pace, President of Business Operations, prepares for retirement. These changes have been acknowledged by KeyBanc and Wolfe Research, both of which maintain a positive outlook on Okta. KeyBanc has raised Okta’s stock price target to $125, citing improvements from previous quarters and a positive outlook on Identity Governance and Administration. Wolfe Research has reaffirmed its Outperform rating and $108.00 price target for Okta, recognizing the company’s efforts for continued growth and market leadership in identity management.
On a different note, Bernstein analysts have maintained their outlook on both Amazon (NASDAQ:AMZN) Web Services (AWS) and Datadog (NASDAQ:DDOG), despite recent concerns about weaker performances from competitors. AWS’s fourth-quarter revenue growth met expectations, but investor confidence was affected by management’s comments on an uneven growth trajectory for 2025. Bernstein also indicated potential impacts on Datadog’s first-quarter performance if AWS experiences SSO weakness.
Lastly, Jefferies has reiterated its Hold rating for Okta, with a steady price target of $90.00. This comes after Okta announced a workforce reduction of approximately 3%, a strategic move to prioritize growth. Despite these changes, Okta has maintained its guidance for the fourth fiscal quarter and for the full fiscal year 2025.
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