DAVENPORT & Co LLC Decreases Position in Okta, Inc. $OKTA

DAVENPORT & Co LLC lessened its stake in Okta, Inc. (NASDAQ:OKTA) by 11.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 747,966 shares of the company’s stock after selling 93,710 shares during the quarter. DAVENPORT & Co LLC owned approximately 0.42% of Okta worth $64,995,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Okta by 5.7% in the third quarter. Vanguard Group Inc. now owns 19,803,227 shares of the company’s stock worth $1,815,956,000 after acquiring an additional 1,074,977 shares during the period. Bourgeon Capital Management LLC purchased a new position in shares of Okta in the third quarter valued at $7,946,000. Elo Mutual Pension Insurance Co raised its stake in shares of Okta by 40.1% during the 3rd quarter. Elo Mutual Pension Insurance Co now owns 52,597 shares of the company’s stock valued at $4,823,000 after purchasing an additional 15,058 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Okta by 3.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,244,062 shares of the company’s stock worth $124,369,000 after purchasing an additional 36,304 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in Okta by 4.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,635,572 shares of the company’s stock worth $425,082,000 after purchasing an additional 179,919 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on OKTA. Cantor Fitzgerald reduced their target price on Okta from $115.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, February 27th. Morgan Stanley lowered their price target on shares of Okta from $110.00 to $101.00 and set an “overweight” rating on the stock in a report on Thursday, March 5th. Wells Fargo & Company assumed coverage on shares of Okta in a research report on Tuesday, March 3rd. They issued an “equal weight” rating and a $76.00 price objective for the company. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $134.00 price objective on shares of Okta in a research note on Friday, March 6th. Finally, Needham & Company LLC decreased their target price on shares of Okta from $110.00 to $90.00 and set a “buy” rating on the stock in a report on Thursday, March 5th. One investment analyst has rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $103.25.

Okta Trading Down 5.4%

Shares of OKTA opened at $76.76 on Wednesday. Okta, Inc. has a 12-month low of $68.77 and a 12-month high of $127.57. The company has a market cap of $13.58 billion, a PE ratio of 58.60, a price-to-earnings-growth ratio of 3.17 and a beta of 0.79. The stock has a 50-day moving average price of $82.50 and a 200-day moving average price of $86.29.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Wednesday, March 4th. The company reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.05. Okta had a net margin of 8.05% and a return on equity of 4.18%. The company had revenue of $761.00 million for the quarter, compared to analysts’ expectations of $749.87 million. During the same period in the prior year, the business earned $0.78 earnings per share. Okta’s revenue for the quarter 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, analysts predict that Okta, Inc. will post 0.42 earnings per share for the current year.

Okta declared that its Board of Directors has approved a stock repurchase plan on Monday, January 5th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 6.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Okta

In related news, insider Eric Robert Kelleher sold 16,818 shares of the company’s stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $80.00, for a total value of $1,345,440.00. Following the completion of the transaction, the insider directly owned 15,470 shares in the company, valued at approximately $1,237,600. The trade was a 52.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 1,899 shares of the stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $90.74, for a total value of $172,315.26. Following the completion of the transaction, the insider directly owned 38,164 shares in the company, valued at approximately $3,463,001.36. This represents a 4.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 34,798 shares of company stock valued at $2,971,704 in the last quarter. Insiders own 5.68% of the company’s stock.

Key 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

About Okta

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.