Okta (NASDAQ:OKTA – Get Rating) updated its FY 2023 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of -$1.14–$1.11 for the period, compared to the consensus estimate of -$1.25. The company issued revenue guidance of $1.80 billion-$1.81 billion, compared to the consensus revenue estimate of $1.78 billion.Okta also updated its Q2 2023 guidance to -$0.32–$0.31 EPS.
Several research firms have recently commented on OKTA. Citigroup reduced their target price on shares of Okta from $205.00 to $105.00 and set a neutral rating for the company in a research note on Tuesday. Raymond James cut shares of Okta from an outperform rating to a market perform rating in a research note on Wednesday, March 23rd. JPMorgan Chase & Co. reduced their target price on shares of Okta from $230.00 to $197.00 and set a neutral rating for the company in a research note on Thursday, March 3rd. Canaccord Genuity Group reduced their target price on shares of Okta from $320.00 to $215.00 and set a buy rating for the company in a research note on Tuesday, February 22nd. Finally, Stifel Nicolaus reduced their target price on shares of Okta from $200.00 to $195.00 and set a hold rating for the company in a research note on Monday, March 21st. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, Okta has an average rating of Buy and a consensus price target of $207.75.
OKTA traded up $9.25 during midday trading on Thursday, reaching $93.68. 5,909,812 shares of the company’s stock were exchanged, compared to its average volume of 2,702,899. The stock has a market capitalization of $14.68 billion, a PE ratio of -16.55 and a beta of 1.18. Okta has a 1-year low of $77.01 and a 1-year high of $276.30. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.45 and a quick ratio of 2.45. The business’s 50-day moving average price is $119.89 and its 200 day moving average price is $171.71.
In related news, CAO Christopher K. Kramer sold 1,035 shares of the business’s stock in a transaction that occurred on Wednesday, March 16th. The shares were sold at an average price of $152.92, for a total value of $158,272.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brett Tighe sold 2,858 shares of the business’s stock in a transaction that occurred on Wednesday, March 16th. The shares were sold at an average price of $152.92, for a total transaction of $437,045.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,537 shares of company stock valued at $2,984,147. Insiders own 7.60% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. KB Financial Partners LLC acquired a new position in Okta during the fourth quarter valued at approximately $42,000. Penserra Capital Management LLC lifted its position in Okta by 49.9% during the fourth quarter. Penserra Capital Management LLC now owns 658 shares of the company’s stock valued at $147,000 after buying an additional 219 shares in the last quarter. Prudential PLC acquired a new position in Okta during the first quarter valued at approximately $245,000. XTX Topco Ltd acquired a new position in Okta during the first quarter valued at approximately $247,000. Finally, High Net Worth Advisory Group LLC lifted its position in Okta by 35.2% during the first quarter. High Net Worth Advisory Group LLC now owns 1,690 shares of the company’s stock valued at $255,000 after buying an additional 440 shares in the last quarter. Hedge funds and other institutional investors own 76.18% of the company’s stock.
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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