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Okta, Inc. (NASDAQ:OKTA), the $17.2 billion identity management leader with impressive gross profit margins of nearly 77%, reported several developments following its annual meeting of stockholders held Tuesday, according to a press release statement based on a recent SEC filing. According to InvestingPro data, the company maintains strong financial health with positive net income and 13.5% revenue growth.
Benjamin Horowitz informed Okta on June 20 that he would resign from the company’s board of directors, effective at the annual meeting. Following his departure, the board reduced its size from nine to eight members. The company stated that Horowitz’s resignation was not due to any disagreement with Okta.
At the annual meeting, stockholders voted on four proposals. The election of two Class II directors was approved, with Jeff Epstein and J. Frederic Kerrest each elected to serve until the 2028 annual meeting or until successors are elected and qualified. Epstein received 145,204,230 votes for and 59,429,986 votes withheld, while Kerrest received 200,104,430 votes for and 4,529,786 votes withheld.
Stockholders also ratified the appointment of Ernst & Young LLP as Okta’s independent registered public accounting firm for the fiscal year ending January 31, 2026. The vote recorded 221,179,437 in favor, 2,681,904 against, and 263,795 abstentions.
An advisory non-binding vote on executive compensation was approved, with 193,508,154 votes for, 10,232,848 against, and 893,214 abstentions. Additionally, stockholders indicated a preference for holding future advisory non-binding votes on executive compensation every year, with 202,166,533 votes for one year, 27,243 for two years, 1,889,725 for three years, and 550,715 abstentions. Okta stated it will follow this annual frequency, with the next required vote on frequency to occur no later than the 2031 annual meeting.
The information in this article is based on a press release statement and Okta’s filing with the Securities and Exchange Commission.
In other recent news, Okta, Inc. reported a quarterly performance with calculated remaining performance obligations (cRPO) growth of 14%, surpassing the company’s guidance of 12%. Despite this growth, the revenue beat was smaller than expected, leading analysts to maintain cautious outlooks. RBC Capital Markets adjusted Okta’s price target from $143 to $135 while maintaining an Outperform rating, citing potential macroeconomic uncertainties. Similarly, BMO Capital Markets lowered its price target from $135 to $132, maintaining a Market Perform rating, due to less-than-expected growth in Calculated Billings. Piper Sandler also maintained a Neutral rating with a price target of $110, highlighting the smallest revenue beat in Okta’s history and emphasizing a cautious approach due to unclear revenue growth prospects. Meanwhile, Okta launched Cross App Access, a new protocol enhancing security for AI agents interacting across applications, which will be available to select customers in the third quarter of 2025. This development aims to provide IT teams with better oversight and control over AI interactions, addressing concerns about unmanaged app-to-app connections. Analysts from Bernstein SocGen Group reiterated an Outperform rating with a price target of $132, noting a stable month for Okta with strong customer acquisition metrics.
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