DAVENPORT & Co LLC Buys 264,542 Shares of Okta, Inc. $OKTA

Key Points

• DAVENPORT & Co LLC significantly increased its holdings in Okta, Inc. by 81.5% during the 2nd quarter, acquiring 264,542 shares for a total of approximately $58.4 million.
• Okta has a consensus rating of "Hold" among analysts, with an average price target set at $118.94, as per various ratings from firms including Guggenheim and Canaccord Genuity.
• Insider trading activity includes sales by CFO Brett Tighe and Eric Robert Kelleher, with insiders collectively selling 137,003 shares of Okta stock valued at over $12.8 million in the last ninety days.

DAVENPORT & Co LLC increased its stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 81.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 589,232 shares of the company's stock after acquiring an additional 264,542 shares during the quarter. DAVENPORT & Co LLC owned approximately 0.34% of Okta worth $58,441,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of Okta by 3.4% in the first quarter. Vanguard Group Inc. now owns 17,792,886 shares of the company's stock worth $1,872,167,000 after purchasing an additional 582,956 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Okta by 52.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,126 shares of the company's stock valued at $956,000 after buying an additional 4,171 shares during the period. Trek Financial LLC bought a new stake in Okta in the 1st quarter worth $426,000. Focus Partners Advisor Solutions LLC purchased a new position in shares of Okta in the first quarter valued at about $515,000. Finally, Merit Financial Group LLC purchased a new position in shares of Okta in the first quarter valued at about $823,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Guggenheim reiterated a "buy" rating and set a $138.00 target price on shares of Okta in a report on Wednesday, August 27th. Canaccord Genuity Group raised Okta from a "hold" rating to a "buy" rating and upped their price target for the company from $115.00 to $120.00 in a research report on Tuesday, August 26th. Jefferies Financial Group lifted their price objective on Okta from $100.00 to $105.00 and gave the stock a "hold" rating in a research report on Wednesday, August 27th. Scotiabank reduced their target price on Okta from $115.00 to $105.00 and set a "sector perform" rating on the stock in a research note on Wednesday, August 27th. Finally, BTIG Research restated a "buy" rating and set a $142.00 target price on shares of Okta in a report on Friday, September 26th. Twenty-two investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, Okta presently has a consensus rating of "Hold" and a consensus price target of $118.94.

Insider Buying and Selling

In other Okta news, insider Eric Robert Kelleher sold 2,410 shares of Okta stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $91.73, for a total value of $221,069.30. Following the completion of the sale, the insider owned 9,174 shares of the company's stock, valued at approximately $841,531.02. The trade was a 20.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Brett Tighe sold 10,000 shares of the stock in a transaction on Friday, July 18th. The shares were sold at an average price of $95.00, for a total value of $950,000.00. Following the transaction, the chief financial officer directly owned 132,288 shares in the company, valued at $12,567,360. The trade was a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 137,003 shares of company stock valued at $12,819,238 in the last ninety days. Corporate insiders own 5.68% of the company's stock.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $93.30 on Monday. Okta, Inc. has a 1 year low of $70.92 and a 1 year high of $127.57. The company has a market cap of $16.33 billion, a P/E ratio of 109.76, a PEG ratio of 4.58 and a beta of 0.84. The stock's fifty day moving average price is $92.49 and its 200-day moving average price is $100.47.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings data on Tuesday, August 26th. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.84 by $0.07. The company had revenue of $728,000 billion during the quarter, compared to the consensus estimate of $711.84 million. Okta had a return on equity of 3.31% and a net margin of 6.08%.Okta's revenue for the quarter was up 12.7% on a year-over-year basis. During the same period last year, the company earned $0.72 EPS. Okta has set its FY 2026 guidance at 3.330-3.380 EPS. Q3 2026 guidance at 0.740-0.750 EPS. On average, sell-side analysts anticipate that Okta, Inc. will post 0.42 earnings per share for the current year.

About Okta

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.

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