Okta (NASDAQ:OKTA) Releases Q2 2023 Earnings Guidance

Okta (NASDAQ:OKTAGet Rating) updated its second quarter 2023 earnings guidance on Thursday. The company provided EPS guidance of -$0.32–$0.31 for the period, compared to the consensus EPS estimate of -$0.33. The company issued revenue guidance of $428.00 million-$430.00 million, compared to the consensus revenue estimate of $422.25 million.Okta also updated its FY 2023 guidance to -$1.14–$1.11 EPS.

Several research firms have weighed in on OKTA. BTIG Research cut their target price on Okta from $216.00 to $152.00 and set a buy rating for the company in a research note on Friday, June 3rd. BMO Capital Markets upped their target price on Okta from $108.00 to $125.00 in a research note on Friday, June 3rd. JMP Securities cut their target price on Okta from $260.00 to $165.00 and set a market outperform rating for the company in a research note on Friday, June 3rd. Royal Bank of Canada cut their target price on Okta from $260.00 to $145.00 in a research note on Tuesday, May 31st. Finally, Summit Insights restated a buy rating on shares of Okta in a research note on Thursday, June 2nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of Buy and an average price target of $178.96.

Shares of NASDAQ:OKTA opened at $102.19 on Thursday. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.45 and a quick ratio of 2.45. The business’s 50-day moving average is $114.83 and its 200-day moving average is $166.08. Okta has a 1 year low of $77.01 and a 1 year high of $276.30.

Okta (NASDAQ:OKTAGet Rating) last announced its quarterly earnings data 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 13.13% and a negative net margin of 67.06%. The company had revenue of $414.94 million for the quarter, compared to the consensus estimate of $388.77 million. During the same period in the previous year, the business earned ($0.59) EPS. The firm’s revenue was up 65.3% compared to the same quarter last year. Equities analysts anticipate that Okta will post -5.55 EPS for the current fiscal year.

In other Okta news, CAO Christopher K. Kramer sold 1,035 shares of the business’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 $158,272.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brett Tighe sold 2,858 shares of the business’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 $437,045.36. The disclosure for this sale can be found here. Insiders have sold a total of 19,537 shares of company stock valued at $2,984,147 over the last three months. Corporate insiders own 7.60% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of OKTA. Belpointe Asset Management LLC grew its holdings in shares of Okta by 18.7% in the fourth quarter. Belpointe Asset Management LLC now owns 2,423 shares of the company’s stock valued at $497,000 after acquiring an additional 382 shares in the last quarter. Eqis Capital Management Inc. grew its holdings in shares of Okta by 52.4% in the first quarter. Eqis Capital Management Inc. now owns 2,661 shares of the company’s stock valued at $402,000 after acquiring an additional 915 shares in the last quarter. Raymond James Trust N.A. lifted its position in shares of Okta by 33.7% during the first quarter. Raymond James Trust N.A. now owns 2,307 shares of the company’s stock worth $349,000 after acquiring an additional 581 shares in the last quarter. Forum Financial Management LP purchased a new stake in shares of Okta during the fourth quarter worth $296,000. Finally, Atria Wealth Solutions Inc. purchased a new stake in shares of Okta during the first quarter worth $295,000. 76.18% of the stock is owned by hedge funds and other institutional investors.

About Okta (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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