Okta’s chief legal officer sells $950,700 in stock

Larissa Schwartz, the Chief Legal Officer and Corporate Secretary of Okta, Inc. (NASDAQ:OKTA), recently sold a significant portion of her holdings in the company. The identity and access management leader, currently valued at $16.58 billion, has shown strong momentum with a 22.2% gain year-to-date. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value model. According to a Form 4 filing with the Securities and Exchange Commission, Schwartz sold 9,507 shares of Class A Common Stock on February 13, 2025, at an average price of approximately $100.00 per share. This transaction amounted to a total value of $950,700. The sale comes as 36 analysts have revised their earnings estimates upward for the upcoming period, with InvestingPro data showing impressive gross profit margins of 76.12%.

The sale was conducted under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell stock. Following this transaction, Schwartz holds 38,629 shares of Okta’s Class A Common Stock.

Additionally, the filing detailed several derivative transactions, including the exercise of Employee Stock Options and conversions between Class B and Class A Common Stock, but these did not result in any further sales. Schwartz’s remaining holdings include various stock options and restricted stock units, reflecting her continued vested interest in the company’s performance.

In other recent news, Okta Inc . has been a subject of interest among analysts, with KeyBanc raising the stock price target to $125 due to an optimistic outlook, while Jefferies maintains a Hold on Okta stock with a price target at $90. Wolfe Research also reaffirmed its Outperform rating and a $108 target for Okta. These assessments came in light of Okta’s recent executive changes, with Eric Kelleher being promoted to President and COO, and Eugenio Pace, President of Business Operations, announcing his retirement.

In tandem with these leadership changes, Okta has also announced a workforce reduction of approximately 3% as part of its strategy to prioritize growth. Despite this, Okta has maintained its guidance for the fourth fiscal quarter and the full fiscal year 2025, suggesting a stable outlook on its financial performance.

In other developments, Bernstein analysts maintained their outlook on Amazon (NASDAQ:AMZN) Web Services (AWS) and Datadog (NASDAQ:DDOG), despite recent concerns due to weaker performances by competitors. Bernstein rates Amazon as Outperform with a price target of $275, expecting AWS’s growth to slow down due to supply constraints, before reaccelerating later in the year. For Datadog, Bernstein maintains its Outperform rating and $151 price target, awaiting management’s discussion on expected demand in the first quarter.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.