Okta Joins S&P 500 Following 141 Percent Stock Surge
Okta will join the S&P 500 index on November 4, replacing Kenvue as part of a series of index rebalancing moves.
The cybersecurity platform Okta will join the S&P 500 index before the opening of trading on Wednesday, November 4, 2026. S&P Dow Jones Indices announced the move, which sees Okta replace Kenvue, the manufacturer of Tylenol and Benadryl, as Kenvue is currently being acquired by Kimberly-Clark.
The addition follows a significant financial rally for Okta, with its stock price rising nearly 141% this year to reach a market value of approximately $38.8 billion. This growth is linked to the expansion of remote work, cloud services, and the integration of AI agents. CEO Todd McKinnon noted that as AI agents transform technology, they require trusted identities and clear access controls.
Okta's promotion from the S&P MidCap 400 triggers a chain of replacements across other indices. Glaukos Corp. will move from the S&P SmallCap 600 to the S&P MidCap 400 to replace Okta, while McGrath RentCorp will enter the S&P SmallCap 600 to replace Glaukos. In a separate move, Loar Holdings Inc. will join the S&P SmallCap 600, replacing LiveRamp Holdings Inc. following its acquisition by Publicis Groupe SA.
