Burney Co. Sells 3,909 Shares of Okta, Inc. $OKTA

Burney Co. cut its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 56.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,063 shares of the company’s stock after selling 3,909 shares during the period. Burney Co.’s holdings in Okta were worth $241,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Elevation Wealth Partners LLC grew its holdings in shares of 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. SHP Wealth Management bought a new position in Okta in the fourth quarter valued at about $27,000. Torren Management LLC purchased a new position in Okta in the fourth quarter worth about $32,000. Spire Wealth Management boosted its position in Okta by 30.8% in the fourth quarter. Spire Wealth Management now owns 505 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares during the last quarter. Finally, Board of the Pension Protection Fund bought a new stake in shares of Okta during the 4th quarter valued at about $52,000. 86.64% of the stock is owned by institutional investors.

Okta Trading Down 6.9%

Okta stock opened at $138.63 on Friday. The firm has a 50 day moving average of $111.25 and a 200 day moving average of $92.00. The firm has a market capitalization of $24.10 billion, a price-to-earnings ratio of 100.46, a P/E/G ratio of 5.35 and a beta of 0.77. Okta, Inc. has a 12-month low of $62.66 and a 12-month high of $153.20.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.06. The business had revenue of $765.00 million for the quarter, compared to the consensus estimate of $751.84 million. Okta had a net margin of 8.24% and a return on equity of 4.15%. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.86 earnings per share. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. On average, analysts predict that Okta, Inc. will post 1.75 EPS for the current year.

Insider Activity

In other Okta news, insider Eric Robert Kelleher sold 3,977 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $114.10, for a total value of $453,775.70. Following the completion of the sale, the insider owned 19,618 shares in the company, valued at approximately $2,238,413.80. This represents a 16.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Mckinnon sold 68,936 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $146.62, for a total value of $10,107,396.32. Following the sale, the chief executive officer directly owned 38,484 shares in the company, valued at approximately $5,642,524.08. This represents a 64.17% 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. Over the last ninety days, insiders sold 174,224 shares of company stock worth $22,534,353. 4.61% of the stock is currently owned by insiders.

Okta News Roundup

Here are the key news stories impacting Okta this week:

• Positive Sentiment: KeyBanc raised its price target on Okta to $175 from $130 and kept an overweight rating, reinforcing the bullish analyst case for the stock. Benzinga report on KeyBanc price target increase
• Positive Sentiment: Another report said Okta could benefit from rising AI-driven cyber threats, which may support demand for its identity and security platform. Zacks cybersecurity stocks article
• Positive Sentiment: Brokerage and media coverage also pointed to strong institutional interest and AI-related security demand as supportive themes for Okta shares. FXEmpire article on AI agent security and Okta
• Neutral Sentiment: Recent hedge-fund and institutional filings show mixed positioning, with several large investors adding to Okta while others reduced exposure, suggesting uneven but still meaningful institutional interest.
• Negative Sentiment: CEO Todd McKinnon sold 68,936 shares worth about $10.1 million, trimming his stake significantly, which can weigh on sentiment even though the trade was pre-planned. SEC Form 4 filing

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. HSBC cut shares of Okta from a “buy” rating to a “hold” rating in a research note on Monday. Weiss Ratings upgraded shares of Okta from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, June 3rd. Needham & Company LLC increased their price target on shares of Okta from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Morgan Stanley assumed coverage on shares of Okta in a research report on Monday. They issued a “neutral” rating on the stock. Finally, Jefferies Financial Group raised shares of Okta from a “buy” rating to a “buy” rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $118.97.

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.