Okta (NASDAQ:OKTA) Issues Earnings Results

Okta (NASDAQ:OKTA) announced its earnings results on Wednesday. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.29, reports. Okta had a negative return on equity of 3.81% and a negative net margin of 11.69%. The company had revenue of $646.00 million during the quarter, compared to the consensus estimate of $632.24 million.

Okta Stock Down 17.6 %

Shares of Okta stock opened at $79.51 on Friday. Okta has a 12-month low of $65.04 and a 12-month high of $114.50. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.19. The stock has a 50 day moving average price of $93.23 and a two-hundred day moving average price of $95.43. The stock has a market capitalization of $13.38 billion, a P/E ratio of -47.61 and a beta of 1.03.

Insider Transactions at Okta

In related news, Director Jacques Frederic Kerrest sold 1,552 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $86.99, for a total value of $135,008.48. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Jacques Frederic Kerrest sold 1,552 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $86.99, for a total value of $135,008.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd Mckinnon sold 179,687 shares of the firm’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $93.42, for a total transaction of $16,786,359.54. Following the completion of the sale, the chief executive officer now owns 47,883 shares in the company, valued at approximately $4,473,229.86. The disclosure for this sale can be found here. Over the last three months, insiders sold 365,051 shares of company stock worth $34,411,773. 7.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in Okta by 0.8% during the first quarter. Vanguard Group Inc. now owns 15,848,525 shares of the company’s stock valued at $1,658,073,000 after acquiring an additional 128,906 shares during the period. Sands Capital Management LLC increased its position in shares of Okta by 42.3% during the fourth quarter. Sands Capital Management LLC now owns 8,358,414 shares of the company’s stock valued at $756,687,000 after purchasing an additional 2,486,456 shares during the period. First Trust Advisors LP raised its stake in shares of Okta by 28.1% in the fourth quarter. First Trust Advisors LP now owns 4,085,430 shares of the company’s stock valued at $369,854,000 after purchasing an additional 897,216 shares in the last quarter. Marshall Wace LLP increased its holdings in Okta by 117.4% in the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after buying an additional 1,227,890 shares during the period. Finally, Eminence Capital LP raised its stake in shares of Okta by 18.1% in the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after buying an additional 305,381 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on OKTA shares. Canaccord Genuity Group cut their target price on Okta from $95.00 to $90.00 and set a “hold” rating on the stock in a research report on Thursday. Stifel Nicolaus decreased their price objective on shares of Okta from $122.00 to $108.00 and set a “buy” rating for the company in a report on Thursday. Evercore ISI raised shares of Okta from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $102.00 to $122.00 in a research report on Thursday, May 30th. Scotiabank reduced their target price on Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a report on Thursday. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Okta from $110.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $104.81.

Okta Company Profile

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.