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Addison Jonathan James, the Chief Revenue Officer of Okta, Inc. (NASDAQ:OKTA), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, James sold 7,005 shares of Okta’s Class A common stock at an average price of $101.19 per share. This transaction amounts to a total value of approximately $708,835. The sale comes as Okta, currently valued at $17.4 billion, has seen impressive momentum with a 10.38% return over the past week. According to InvestingPro analysis, the company maintains a strong balance sheet with more cash than debt.
Following the sale, James retains ownership of 19,067 shares of Okta’s Class A common stock. This move comes as part of his ongoing management of his equity holdings in the company. The stock currently trades at $100.11, with InvestingPro data indicating high valuation multiples relative to peers.
In addition to the stock sale, the filing detailed various holdings of restricted stock units (RSUs) by James, which include 3,207, 3,393, 13,270, 25,137, 11,620, and 36,959 shares, respectively. These RSUs are set to vest in installments over time, contingent upon his continued employment with the company. For deeper insights into Okta’s valuation and financial health metrics, along with 12 additional ProTips, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Okta, Inc. has been the subject of various analyst assessments and updates. BMO Capital Markets raised its price target for Okta to $130, citing improved execution and growth in the company’s performance obligations as key factors. Meanwhile, Cantor Fitzgerald also set a $130 price target and an Overweight rating, acknowledging Okta’s leadership in identity security despite challenges in revenue growth. The firm emphasized Okta’s strategy to boost growth through large enterprise adoption and international expansion. KeyBanc Capital Markets maintained an Overweight rating with a $135 price target, expressing confidence in Okta’s growth potential and strategic positioning in identity security.
Stephens initiated coverage with an Equal Weight rating and a $127 price target, highlighting the importance of identity security as a growth area and noting Okta’s positive growth outlook. Citizens JMP maintained a Market Perform rating, pointing to Okta’s competitive challenges and strategic uncertainties in expanding its product offerings. Collectively, these assessments reflect a mix of cautious optimism and confidence in Okta’s ability to navigate the evolving identity security market. Analysts have highlighted the company’s strategic efforts and market opportunities, suggesting a varied but generally positive outlook on Okta’s future performance.
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