DAVENPORT & Co LLC Cuts Stake in Okta, Inc. $OKTA

DAVENPORT & Co LLC reduced its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 11.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 747,966 shares of the company’s stock after selling 93,710 shares during the period. DAVENPORT & Co LLC’s holdings in Okta were worth $64,995,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Integrated Wealth Concepts LLC bought a new position in shares of Okta during the 1st quarter valued at $225,000. NewEdge Advisors LLC boosted its position in Okta by 853.4% during the first quarter. NewEdge Advisors LLC now owns 5,530 shares of the company’s stock valued at $582,000 after buying an additional 4,950 shares during the period. Sivia Capital Partners LLC purchased a new stake in Okta during the second quarter valued at about $244,000. Cetera Investment Advisers grew its stake in shares of Okta by 22.7% during the second quarter. Cetera Investment Advisers now owns 27,486 shares of the company’s stock valued at $2,748,000 after buying an additional 5,090 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its stake in shares of Okta by 1.0% during the second quarter. Handelsbanken Fonder AB now owns 40,900 shares of the company’s stock valued at $4,089,000 after buying an additional 400 shares during the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Okta

In other Okta news, CFO Brett Tighe sold 10,000 shares of the business’s stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $95.07, for a total transaction of $950,700.00. Following the transaction, the chief financial officer directly owned 134,385 shares of the company’s stock, valued at approximately $12,775,981.95. The trade was a 6.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eric Robert Kelleher sold 16,818 shares of the company’s stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $80.00, for a total transaction of $1,345,440.00. Following the completion of the transaction, the insider owned 15,470 shares of the company’s stock, valued at $1,237,600. This trade represents a 52.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 34,798 shares of company stock worth $2,971,704 over the last quarter. Corporate insiders own 5.68% of the company’s stock.

More Okta News

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Okta reported a quarterly earnings and revenue beat and reaffirmed FY‑2027 and Q1 guidance, which supports the company’s revenue trajectory and profitability outlook. Earnings Beat
• Positive Sentiment: The board authorized a $1.0 billion share repurchase program (up to ~6.8% of shares), a direct capital-return signal that can support the share price and reduce float over time.
• Neutral Sentiment: Multiple short‑interest reports for March show “0” shares and NaN changes — the data appears unreliable or not meaningful, so there’s no clear evidence of a large short bet pressuring the stock. (Market data noise.)
• Neutral Sentiment: Media and research outlets (Zacks and others) are flagging Okta as a trending/momentum name and highlighting product expansion (AI‑driven identity offerings). That can sustain interest but is informational rather than an immediate price catalyst. Zacks Trending Piece
• Negative Sentiment: An Okta insider, Eric Robert Kelleher, sold 16,818 shares (avg. $80) on Mar 19 — a $1.35M transaction that materially reduced his stake; such sales can be interpreted as bearish by some investors. Insider Sale
• Negative Sentiment: Several analysts have trimmed price targets (e.g., Citigroup, Stephens, Morgan Stanley), which increases downward pressure by resetting street expectations and may reduce near‑term demand.
• Negative Sentiment: Okta announced an upcoming board transition after a director resignation (Jeff Epstein), a governance event investors may watch for potential strategic or oversight implications. Board Transition

Okta Price Performance

OKTA opened at $76.76 on Wednesday. Okta, Inc. has a one year low of $68.77 and a one year high of $127.57. The business has a 50 day simple moving average of $82.50 and a two-hundred day simple moving average of $86.29. The firm has a market capitalization of $13.58 billion, a price-to-earnings ratio of 58.60, a PEG ratio of 3.17 and a beta of 0.79.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Wednesday, March 4th. The company reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.05. Okta had a return on equity of 4.18% and a net margin of 8.05%.The firm had revenue of $761.00 million for the quarter, compared to analyst estimates of $749.87 million. During the same period last year, the company earned $0.78 EPS. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. Okta has set its FY 2027 guidance at 3.740-3.820 EPS and its Q1 2027 guidance at 0.840-0.860 EPS. As a group, sell-side analysts expect that Okta, Inc. will post 0.42 EPS for the current fiscal year.

Okta declared that its board has authorized a share repurchase program on Monday, January 5th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 6.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

OKTA has been the subject of a number of recent research reports. Stifel Nicolaus lowered their target price on Okta from $121.00 to $92.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. Royal Bank Of Canada lifted their price target on Okta from $97.00 to $108.00 and gave the stock an “outperform” rating in a research note on Monday, January 5th. Wall Street Zen upgraded Okta from a “hold” rating to a “buy” rating in a research report on Saturday, February 28th. Scotiabank dropped their price objective on Okta from $85.00 to $80.00 and set a “sector perform” rating for the company in a research note on Thursday, March 5th. Finally, Cantor Fitzgerald cut their target price on shares of Okta from $115.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, February 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $103.25.

Okta Company Profile

Okta, Inc is a publicly traded provider of identity and access management solutions, headquartered in San Francisco, California. Founded in 2009 by Todd McKinnon and Frederic Kerrest, the company completed its initial public offering in April 2017. Under the leadership of McKinnon as chief executive officer and Kerrest as chief operating officer, Okta has grown into a leading vendor in the cybersecurity space, focusing on secure user authentication, single sign-on and lifecycle management for digital identities.

At the core of Okta’s offering is the Okta Identity Cloud, a suite of cloud-native services that enable organizations to manage user access across web and mobile applications, on-premises systems and APIs.