Larissa Schwartz, the Chief Legal Officer and Corporate Secretary at Okta, Inc. (NASDAQ:OKTA), recently executed a significant stock transaction. According to a filing with the Securities and Exchange Commission, Schwartz sold 2,704 shares of Okta's Class A Common Stock on December 30, 2024, at a price of $80.50 per share, amounting to a total of $217,672. The transaction comes as Okta, currently valued at $13.5 billion, shows strong potential according to InvestingPro analysis, with 36 analysts recently revising their earnings estimates upward.
The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan, which was adopted by Schwartz on September 30, 2024. Following this sale, Schwartz holds 24,462 shares of Okta's Class A Common Stock.
Additionally, Schwartz engaged in other transactions on the same day, including the acquisition of 1,553 shares of Class A Common Stock, which were acquired through the conversion of Class B Common Stock. This transaction was part of an employee stock option exercise, with each Class B share convertible into one Class A share.
In other recent news, Okta, Inc. has been the subject of multiple analyst updates following a series of recent developments. KeyBanc Capital Markets upgraded the stock from Sector Weight to Overweight, setting a new price target of $115.00. This upgrade was based on the company's promising prospects in the security sector, supported by 36 analysts who revised their earnings expectations upward for the upcoming period.
Similarly, Baird raised its price target on Okta shares to $115, positioning the company as one of its top small to mid-cap investment ideas for the upcoming year. Meanwhile, Bernstein revised its price target for Okta to $124, maintaining an Outperform rating despite the reduction. BMO Capital maintained a Market Perform rating and a $105 price target on Okta, citing a balanced outlook with equal measures of opportunities and risks.
Piper Sandler also maintained a Neutral rating on Okta, raising the price target to $90 from $85, following the company's slight uptick in calculated remaining performance obligations (cRPO) growth. Lastly, Citi, while maintaining a Neutral rating, increased its price target on Okta to $95, noting the company's impressive revenue growth and gross profit margins.
These updates follow Okta's robust Q3 results, which showcased a 14% increase in revenue and a 13% rise in cRPO growth. Despite some operational challenges, Okta remains a dominant player in the identity management market, benefiting from the growing adoption of Zero Trust security frameworks.
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