Okta to join S&P 500 in place of Kenvue on Wednesday

what happened

Workplace cybersecurity platform Okta will be added to the S&P 500 before the opening bell on Wednesday, S&P Dow Jones Indices said in a Friday statement, according to a Dow Jones Newswires report drawing on MarketWatch. It replaces Kenvue, the maker of Benadryl and Tylenol, which is being acquired by Kimberly-Clark. Okta shares rose 2.5% after hours following the announcement.

Okta stock has gained roughly 141% so far this year, lifting its market value to about $38.8 billion. According to FactSet, the company's annual revenue has grown since 2017 alongside the spread of cloud services, mobile use, remote work and artificial intelligence. CEO Todd McKinnon said in August's earnings release: “As AI agents transform every layer of technology, every agent needs a trusted identity and clear controls over what it can access and do.”

why it matters

Index inclusion typically triggers buying from passive funds that track the S&P 500, which can lift demand for Okta shares. The broader cybersecurity group has also been strong, with the Amplify Cybersecurity ETF HACK up 55% in 2026 to date.

market impact

Okta shares: index inclusion brings passive fund demand, supporting the stock

• ▲Okta shares pressure up — expected inflows from index funds after the S&P 500 addition

tags

instruments