Barton Investment Management Sells 24,310 Shares of Okta, Inc. $OKTA

Key Points

• Barton Investment Management cut its Okta stake by 9.7% in the first quarter, selling 24,310 shares and ending with 226,576 shares valued at about $17.8 million.
• Okta recently reported better-than-expected quarterly results, with EPS of $0.91 and revenue of $765 million, both ahead of estimates, while revenue rose 11.2% year over year.
• Analyst sentiment remains bullish: several firms raised price targets, and MarketBeat says Okta has a Moderate Buy consensus with an average target of $115.97, below the recent share price of $119.26.

Barton Investment Management reduced its position in Okta, Inc. (NASDAQ:OKTA - Free Report) by 9.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 226,576 shares of the company's stock after selling 24,310 shares during the quarter. Okta makes up approximately 2.2% of Barton Investment Management's portfolio, making the stock its 9th biggest position. Barton Investment Management owned 0.13% of Okta worth $17,834,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in OKTA. Elevation Wealth Partners LLC boosted its position in Okta by 825.0% in the 4th quarter. Elevation Wealth Partners LLC now owns 296 shares of the company's stock valued at $26,000 after buying an additional 264 shares during the period. SHP Wealth Management purchased a new stake in shares of Okta during the fourth quarter worth $27,000. Torren Management LLC purchased a new stake in shares of Okta during the fourth quarter worth $32,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Okta during the third quarter worth $34,000. Finally, Spire Wealth Management raised its stake in shares of Okta by 30.8% in the fourth quarter. Spire Wealth Management now owns 505 shares of the company's stock valued at $44,000 after acquiring an additional 119 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company's stock.

Okta Price Performance

Shares of NASDAQ OKTA opened at $119.26 on Friday. The business has a 50-day moving average of $96.80 and a two-hundred day moving average of $88.04. The company has a market capitalization of $20.73 billion, a price-to-earnings ratio of 86.42, a price-to-earnings-growth ratio of 4.30 and a beta of 0.80. Okta, Inc. has a 1 year low of $62.66 and a 1 year high of $142.35.

Okta (NASDAQ:OKTA - Get Free Report) last issued its quarterly earnings data on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.06. Okta had a net margin of 8.24% and a return on equity of 4.15%. The business had revenue of $765.00 million during the quarter, compared to the consensus estimate of $751.84 million. During the same quarter in the previous year, the firm earned $0.86 EPS. The company's revenue was up 11.2% compared to the same quarter last year. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. As a group, equities research analysts expect that Okta, Inc. will post 1.74 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on OKTA shares. KeyCorp boosted their target price on Okta from $120.00 to $130.00 and gave the stock an "overweight" rating in a research note on Thursday. BTIG Research increased their price target on Okta from $119.00 to $136.00 and gave the company a "buy" rating in a research report on Thursday. Scotiabank lifted their price objective on Okta from $80.00 to $105.00 and gave the company a "sector perform" rating in a research note on Friday, May 29th. BMO Capital Markets boosted their price objective on Okta from $95.00 to $120.00 and gave the stock an "outperform" rating in a research report on Friday, May 29th. Finally, Raymond James Financial raised Okta from a "market perform" rating to an "outperform" rating and set a $85.00 price objective for the company in a research report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $115.97.

Insider Activity

In other Okta news, Director David Schellhase bought 3,712 shares of the stock in a transaction dated Thursday, April 16th. The shares were acquired at an average cost of $72.04 per share, for a total transaction of $267,412.48. Following the completion of the transaction, the director owned 3,712 shares in the company, valued at approximately $267,412.48. The trade was a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Shellye L. Archambeau sold 2,500 shares of Okta stock in a transaction on Monday, May 18th. The shares were sold at an average price of $85.00, for a total transaction of $212,500.00. Following the completion of the transaction, the director directly owned 9,192 shares in the company, valued at $781,320. The trade was a 21.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 114,074 shares of company stock worth $13,128,242 over the last three months. Company insiders own 4.61% of the company's stock.

Okta News Summary

Here are the key news stories impacting Okta this week:

• Positive Sentiment: BTIG Research raised its price target on Okta to $136 from $119 and reiterated a Buy rating, signaling more upside potential for the stock.
• Positive Sentiment: Needham & Company lifted its price target to $140 from $120 and kept a Buy rating, adding to the bullish analyst momentum around Okta.
• Positive Sentiment: Okta continues to benefit from investor enthusiasm around its role in AI security and identity access management, including coverage highlighting its Cross App Access expansion and other AI-related product positioning. Okta expands Cross App Access ecosystem to secure AI agent connections
• Positive Sentiment: Recent earnings also remain supportive, with Okta beating revenue and EPS estimates and issuing guidance that suggests continued growth.
• Neutral Sentiment: Okta’s short-interest update showed no meaningful short position change, so it does not appear to be a major driver for the stock today.
• Neutral Sentiment: Recent commentary on whether Okta still offers value after its rally reflects mixed investor debate, but it does not change the fundamental story by itself. Okta (OKTA) Stock After 42% YTD Rally Is There Value Left For Investors
• Negative Sentiment: Insiders Larissa Schwartz and Eric Robert Kelleher sold shares in pre-arranged Rule 10b5-1 transactions, which is routine but can still temper sentiment for some investors.

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.

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