Okta (NASDAQ:OKTA) Releases Q2 Earnings Guidance

Okta (NASDAQ:OKTAGet Rating) updated its second quarter earnings guidance on Thursday. The company provided earnings per share guidance of $(0.32)-(0.31) for the period, compared to the consensus earnings per share estimate of ($0.34). The company issued revenue guidance of $428-430 million, compared to the consensus revenue estimate of $422.87 million.Okta also updated its FY 2023 guidance to -$1.14–$1.11 EPS.

Several research firms recently weighed in on OKTA. Wolfe Research decreased their price objective on Okta from $260.00 to $225.00 and set an outperform rating for the company in a report on Thursday, March 3rd. Mizuho cut their target price on Okta from $225.00 to $165.00 and set a buy rating on the stock in a research note on Wednesday, May 18th. Oppenheimer cut their target price on Okta from $295.00 to $250.00 and set an outperform rating on the stock in a research note on Thursday, March 3rd. BTIG Research cut their target price on Okta from $273.00 to $216.00 in a research note on Sunday, April 3rd. Finally, Morgan Stanley dropped their price target on Okta to $150.00 and set a na rating on the stock in a research note on Wednesday, May 18th. Eight equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Buy and a consensus price target of $207.75.

NASDAQ:OKTA traded up $9.25 during trading hours on Thursday, reaching $93.68. The company had a trading volume of 6,017,845 shares, compared to its average volume of 2,702,899. Okta has a 1-year low of $77.01 and a 1-year high of $276.30. The firm has a market cap of $14.68 billion, a PE ratio of -16.55 and a beta of 1.18. The business’s 50 day moving average price is $118.87 and its 200-day moving average price is $170.55. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.45 and a quick ratio of 2.45.

Okta (NASDAQ:OKTAGet Rating) last announced its quarterly earnings results on Thursday, June 2nd. The company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.07. Okta had a negative return on equity of 13.61% and a negative net margin of 65.25%. The company had revenue of $414.94 million during the quarter, compared to the consensus estimate of $388.77 million. During the same period in the previous year, the company posted ($0.59) earnings per share. Okta’s revenue for the quarter was up 65.3% on a year-over-year basis. On average, analysts expect that Okta will post -5.37 earnings per share for the current fiscal year.

In other news, CFO Brett Tighe sold 2,858 shares of the company’s stock in a transaction that occurred on Wednesday, March 16th. The stock was sold at an average price of $152.92, for a total transaction of $437,045.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Christopher K. Kramer sold 1,035 shares of the company’s stock in a transaction that occurred on Wednesday, March 16th. The stock was sold at an average price of $152.92, for a total value of $158,272.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,537 shares of company stock valued at $2,984,147. Corporate insiders own 7.60% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Toroso Investments LLC raised its stake in Okta by 10.1% in the 1st quarter. Toroso Investments LLC now owns 1,717 shares of the company’s stock valued at $259,000 after purchasing an additional 157 shares during the last quarter. Worldquant Millennium Advisors LLC acquired a new position in Okta in the 1st quarter valued at $15,625,000. Wealthfront Advisers LLC acquired a new position in Okta in the 1st quarter valued at $293,000. Virtu Financial LLC acquired a new position in Okta in the 1st quarter valued at $1,291,000. Finally, Advisors Asset Management Inc. raised its stake in Okta by 5.4% in the 1st quarter. Advisors Asset Management Inc. now owns 9,201 shares of the company’s stock valued at $1,389,000 after purchasing an additional 472 shares during the last quarter. 76.18% of the stock is owned by hedge funds and other institutional investors.

Okta Company Profile (Get Rating)

Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products and services, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway that enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications; and Advanced Server Access to secure cloud infrastructure.

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Earnings History and Estimates for Okta (NASDAQ:OKTA)

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