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 (EPS) guidance of $(0.32)-(0.31) for the period, compared to the consensus 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 brokerages have recently issued reports on OKTA. Stifel Nicolaus reduced their price objective on Okta from $200.00 to $195.00 and set a hold rating for the company in a research report on Monday, March 21st. Guggenheim reduced their price objective on Okta from $265.00 to $240.00 and set a buy rating for the company in a research report on Friday, March 4th. Raymond James downgraded Okta from an outperform rating to a market perform rating in a research report on Wednesday, March 23rd. Oppenheimer reduced their price objective on Okta from $295.00 to $250.00 and set an outperform rating for the company in a research report on Thursday, March 3rd. Finally, Truist Financial downgraded Okta from a buy rating to a hold rating and reduced their price objective for the stock from $270.00 to $170.00 in a research report on Tuesday, March 22nd. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Buy and an average target price of $207.75.

Okta stock traded up $9.25 during mid-day trading on Thursday, hitting $93.68. 6,017,845 shares of the company’s stock were exchanged, compared to its average volume of 2,702,899. The company has a current ratio of 2.45, a quick ratio of 2.45 and a debt-to-equity ratio of 0.31. The stock has a market cap of $14.68 billion, a P/E 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 stock has a 50 day moving average of $118.87 and a two-hundred day moving average of $170.55.

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

In related news, CFO Brett Tighe sold 2,858 shares of the stock in a transaction dated Wednesday, March 16th. The shares were sold at an average price of $152.92, for a total value of $437,045.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Todd Mckinnon sold 7,655 shares of the stock in a transaction dated Wednesday, March 16th. The shares were sold at an average price of $152.92, for a total transaction of $1,170,602.60. The disclosure for this sale can be found here. Insiders have sold 19,537 shares of company stock valued at $2,984,147 over the last 90 days. Corporate insiders own 7.60% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Okta by 2.0% in the first quarter. Vanguard Group Inc. now owns 13,506,847 shares of the company’s stock valued at $2,038,994,000 after buying an additional 264,423 shares during the period. Northern Trust Corp lifted its stake in shares of Okta by 4.8% in the first quarter. Northern Trust Corp now owns 967,747 shares of the company’s stock valued at $146,092,000 after buying an additional 44,338 shares during the period. Renaissance Technologies LLC bought a new stake in shares of Okta in the first quarter valued at about $69,245,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Okta by 2.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 456,104 shares of the company’s stock valued at $68,854,000 after buying an additional 11,169 shares during the period. Finally, Eaton Vance Management lifted its stake in shares of Okta by 8.0% in the first quarter. Eaton Vance Management now owns 389,433 shares of the company’s stock valued at $58,789,000 after buying an additional 28,735 shares during the period. Institutional investors and hedge funds 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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