Burney Co. Sells 37,712 Shares of Okta, Inc. $OKTA

Key Points

• Burney Co. cut its stake in Okta by 84.4%, selling 37,712 shares in Q4 and retaining 6,972 shares worth $603,000, per its Form 13F filing.
• Okta beat Q4 expectations with EPS of $0.90 (vs. $0.85) and revenue of $761M (vs. $749.9M), up 11.6% year-over-year, and issued FY2027 EPS guidance of 3.740–3.820 and Q1 guidance of 0.840–0.860.
• Insiders have sold 63,843 shares (~$5.07M) in the past 90 days, including recent sales by the CRO and CEO, while the board authorized a $1.0 billion share buyback covering up to 6.8% of outstanding shares.

Burney Co. cut its holdings in Okta, Inc. (NASDAQ:OKTA - Free Report) by 84.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,972 shares of the company's stock after selling 37,712 shares during the period. Burney Co.'s holdings in Okta were worth $603,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in OKTA. Root Financial Partners LLC bought a new position in Okta in the third quarter worth approximately $26,000. Elevation Wealth Partners LLC raised its position in Okta by 825.0% in the fourth quarter. Elevation Wealth Partners LLC now owns 296 shares of the company's stock worth $26,000 after acquiring an additional 264 shares during the period. Aster Capital Management DIFC Ltd bought a new position in Okta in the third quarter worth approximately $34,000. Westside Investment Management Inc. raised its position in Okta by 86.9% in the third quarter. Westside Investment Management Inc. now owns 415 shares of the company's stock worth $38,000 after acquiring an additional 193 shares during the period. Finally, Financial Consulate Inc. bought a new position in Okta in the third quarter worth approximately $40,000. 86.64% of the stock is currently owned by institutional investors.

Okta Stock Performance

OKTA opened at $64.09 on Wednesday. The stock has a market capitalization of $11.34 billion, a price-to-earnings ratio of 48.92, a PEG ratio of 2.56 and a beta of 0.76. The company has a fifty day moving average of $78.16 and a 200 day moving average of $84.51. Okta, Inc. has a fifty-two week low of $62.66 and a fifty-two week high of $127.57.

Okta (NASDAQ:OKTA - Get Free Report) last posted its earnings results on Wednesday, March 4th. The company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.05. The company had revenue of $761.00 million during the quarter, compared to analysts' expectations of $749.87 million. Okta had a net margin of 8.05% and a return on equity of 4.18%. Okta's quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the company posted $0.78 earnings per share. Okta has set its FY 2027 guidance at 3.740-3.820 EPS and its Q1 2027 guidance at 0.840-0.860 EPS. On average, equities research analysts forecast that Okta, Inc. will post 0.42 earnings per share for the current year.

Okta announced that its board has initiated a share buyback program on Monday, January 5th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 6.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Insider Activity at Okta

In other Okta news, CRO Jonathan James Addison sold 23,304 shares of Okta stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $77.79, for a total value of $1,812,818.16. Following the sale, the executive owned 4,364 shares of the company's stock, valued at $339,475.56. The trade was a 84.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Todd Mckinnon sold 11,263 shares of Okta stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $81.01, for a total value of $912,415.63. Following the completion of the sale, the chief executive officer directly owned 97,083 shares in the company, valued at approximately $7,864,693.83. The trade was a 10.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 63,843 shares of company stock valued at $5,071,889. Insiders own 5.68% of the company's stock.

Analyst Upgrades and Downgrades

OKTA has been the topic of several recent analyst reports. Cantor Fitzgerald decreased their price objective on shares of Okta from $115.00 to $100.00 and set an "overweight" rating on the stock in a research report on Friday, February 27th. Citigroup decreased their price objective on shares of Okta from $100.00 to $87.00 and set a "neutral" rating on the stock in a research report on Thursday, March 5th. Jefferies Financial Group decreased their price objective on shares of Okta from $125.00 to $105.00 and set a "buy" rating on the stock in a research report on Monday, March 2nd. UBS Group decreased their price objective on shares of Okta from $130.00 to $115.00 and set a "buy" rating on the stock in a research report on Thursday, March 5th. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of Okta in a research report on Thursday, January 22nd. Twenty-six research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $103.25.

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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