Okta Co-Founder Todd McKinnon Sold $1.0M in Class A Shares — But Form 4 Still Shows a 6.38M Derivative Stake
Todd McKinnon's latest Okta sales came days after the company's FY2026 results, but Form 4 Table II still reports 6,383,887 derivative/indirect shares.
Todd McKinnon disclosed another March 2026 sale in OKTA, extending a multi-year monetization pattern right after Okta's fiscal Q4 print. The key nuance from Form 4 is ownership structure: Table I shows Class A sales, while Table II still reports 6,383,887 derivative/indirect shares.
What happened in the latest filing
| Date | Code | Shares | Price | Estimated Value | Ticker |
|---|---|---|---|---|---|
| 2026-03-16 | S | 5,000 | $199.95 | ~$1.0M | OKTA |
| 2026-01-15 | S | 5,000 | $204.26 | ~$1.0M | OKTA |
| 2025-12-22 | S | 11,286 | $90-92 range | ~$1.0M | OKTA |
Form 4 Table I now reports zero Class A shares after certain sales, but this is not a full-exit signal by itself. Per Form 4 Table II, McKinnon still has a large derivative/indirect position and remains deeply economically exposed to Okta.
Why the timing matters: earnings and guidance reset
Okta's March 2026 earnings release highlighted revenue and earnings outperformance with a larger AI identity push. Coverage from SiliconANGLE and follow-on market commentary framed the print as a confidence reset for identity software after a volatile 2025 backdrop. Selling into that window can reflect liquidity planning, not necessarily a negative call on operating momentum.
Institutional ownership context also matters: large holders including Vanguard Group, BlackRock, and Sands Capital continue to shape positioning around the name.
Cybersecurity peer tape remains a valuation driver
Okta's multiple is still being priced against peers like ZS, CRWD, PANW, and FTNT. If the group rerates on growth durability, insider sales can be absorbed; if peer guidance weakens, those same prints are interpreted more defensively.
Key facts from the insider profile
| Insider | Todd McKinnon |
|---|---|
| Company | Okta (OKTA) |
| Last transaction date | 2026-03-23 |
| Career tracked sell value | $254.6M |
| Table II derivative/indirect shares | 6,383,887 |
What to watch next
- OKTA guidance follow-through — whether post-earnings deal velocity supports the AI identity narrative through the next quarter.
- McKinnon's next Form 4 mix — additional Class A sales versus stable Table II holdings will shape interpretation.
- Vanguard and other top holders — changes in top-10 institutional ownership can confirm or fade market conviction.
- Peer read-through from ZS and CRWD — cybersecurity valuation pressure can spill into OKTA regardless of company-specific execution.
Breaking News Editor at 13F Insight. First to report on major SEC filings, institutional moves, and regulatory developments.
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