Jacques Frederic Kerrest, a director at Okta, Inc. (NASDAQ:OKTA), has recently sold shares of the company’s Class A common stock. According to a filing with the Securities and Exchange Commission, Kerrest sold a total of 3,306 shares on January 21, 2025. The shares were sold at prices ranging from $88.5481 to $89.2731 per share, accumulating a total value of $293,733. The transaction occurred as Okta maintains impressive gross profit margins of 76% and a market capitalization of $15 billion. According to InvestingPro analysis, the stock currently appears undervalued relative to its Fair Value.
Following these transactions, Kerrest no longer holds any shares of Okta’s Class A common stock directly. However, he maintains various stock options and restricted stock units, as well as holdings in Class B common stock, which are convertible into Class A shares. InvestingPro subscribers can access detailed analysis of Okta’s financial health, along with 8 key investment tips and comprehensive research reports. These transactions were made under a pre-established Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan for selling stocks to avoid any accusations of insider trading.
In other recent news, Okta Inc . has seen a flurry of activity from investment firms. KeyBanc Capital Markets has upgraded Okta from Sector Weight to Overweight, setting a new price target of $115. The firm credits Okta’s leadership in the identity security sector and attractive valuation for this positive outlook. Meanwhile, Baird has increased its price target on Okta shares to $115, identifying the company as a top investment idea for the upcoming year. Bernstein, however, revised its price target for Okta downwards to $124, but maintains an Outperform rating on the stock.
BMO Capital held steady with a Market Perform rating and a $105 price target on Okta shares, citing a balanced outlook. Piper Sandler also maintained a Neutral rating on Okta, but raised the price target to $90 from $85. These adjustments come in light of Okta’s solid third-quarter results, which included a 14% increase in revenue and a 13% rise in calculated remaining performance obligations (cRPO) growth.
Investment firms such as Citi, Needham, Scotiabank (TSX:BNS), and Truist Securities also adjusted their price targets while maintaining their respective ratings. These developments underscore Okta’s strong performance and its position as a significant player in the identity management market.
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