DAVENPORT 13F: Cuts OKTA Stake by $90M

Institutional investment firm Davenport trimmed its stake in Okta, Inc. (NasdaqGS: OKTA) during the recent period, according to a Form 13F filed with the SEC on October 14, 2026. Because 13F filings are backward-looking, these disclosures reflect positions held at the close of the quarter and may not represent the fund's current holdings today.

What Changed in Davenport's Okta Position

Davenport sold 431,267 shares of Okta during the period, marking a 53.4% decrease in its holdings. The firm ended the quarter with 376,237 shares remaining, valued at about $78.1 million. Such adjustments are common as institutional portfolios rebalance across technology holdings.

Other Institutional Activity in Okta

Other large funds also made changes to their Okta positions during the reporting period. Blackrock Inc. reduced its holdings by 342,687 shares, ending with 18,695,465 shares worth about $3.5 billion. FMR, LLC grew its holdings by 4,929,486 shares, ending with 16,272,067 shares worth about $3.05 billion. Vanguard Portfolio Management LLC cut its stake by 282,485 shares, holding 8,949,045 shares valued at roughly $1.68 billion. Vanguard Capital Management LLC lifted its holdings by 6,829 shares, finishing with 7,594,193 shares valued at about $1.42 billion. State Street Corporation increased its stake by 164,961 shares to end with 6,274,631 shares worth approximately $1.17 billion.

Okta, Inc. Stock Down 11.9%

Okta shares recently traded around $186.71 as of October 16, 2026. The stock sits below its 52-week high of $235.00 while trading above its 50-day moving average of $177.79. Market participants continue to watch the security closely relative to analyst expectations and its broader sector peers.

Recent Earnings

Okta posted trailing-twelve-month revenue of $3.07 billion alongside earnings of $1.55 per share. The company's next earnings report is scheduled for December 1, 2026. Profitability metrics include a net profit margin of 9.6%.

Insider Buying and Selling at Okta, Inc.

Company insiders have completed several transactions ahead of the filing. Chief Financial Officer Brett Tighe sold 80,000 shares on September 2, 2026, for a total value of about $12.9 million. President Eric Robert Kelleher sold 2,549 shares on September 11, 2026, at an average price of $168.55, and later sold another 6,395 shares on September 18, 2026, valued at roughly $1.17 million. Chief Executive Officer Todd Mckinnon also sold 48,822 shares on September 22, 2026, worth about $9.45 million.

Analysts Set New Price Targets

Analyst sentiment remains broadly positive. On September 28, 2026, Scotiabank maintained its Sector Outperform rating while raising its price target to $245.00 from $190.00. On the same day, Citizens maintained a Market Outperform rating with a target lifted to $225.00. Morgan Stanley maintained an Overweight rating on September 29, 2026, raising its target to $245.00. Amerx initiated coverage with a Hold rating on October 8, 2026. BMO Capital maintained an Outperform rating on October 9, 2026, setting a target of $245.00. Overall, the stock carries a consensus buy rating from 43 analysts with a mean price target of $212.83.

About Okta

Headquartered in San Francisco, California, Okta operates as a cloud-based software provider specializing in identity and access management. The company helps businesses securely manage user authentications and digital credentials across applications and infrastructure. Institutional filings like Davenport's reflect how professional managers adjust exposure to the cybersecurity sector as enterprise technology spending evolves.

Bottom Line

Investors will look toward Okta's upcoming earnings release on December 1, 2026, for further insight into top-line growth and operational margins. Because 13F reports focus on past quarters, market watchers should review subsequent filings to track any further portfolio shifts.