Brokers Set Expectations for Okta, Inc.’s Q2 2023 Earnings (NASDAQ:OKTA)

Okta, Inc. (NASDAQ:OKTAGet Rating) – Equities research analysts at DA Davidson issued their Q2 2023 earnings per share estimates for shares of Okta in a report released on Friday, June 3rd. DA Davidson analyst R. Kessinger forecasts that the company will earn ($1.34) per share for the quarter. DA Davidson has a “Buy” rating and a $140.00 price objective on the stock.

OKTA has been the subject of several other research reports. Canaccord Genuity Group reduced their price target on shares of Okta from $320.00 to $215.00 and set a “buy” rating for the company in a research report on Tuesday, February 22nd. BMO Capital Markets lifted their target price on shares of Okta from $108.00 to $125.00 in a research report on Friday. Piper Sandler cut their target price on shares of Okta from $270.00 to $150.00 and set an “overweight” rating for the company in a research report on Friday. Raymond James cut shares of Okta from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 23rd. Finally, Guggenheim dropped their price target on shares of Okta from $265.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, March 4th. Eight investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $178.96.

Shares of OKTA opened at $98.38 on Monday. 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 has a one year low of $77.01 and a one year high of $276.30. The company has a 50-day simple moving average of $118.08 and a two-hundred day simple moving average of $168.02. The firm has a market capitalization of $15.42 billion, a PE ratio of -15.40 and a beta of 1.18.

Okta (NASDAQ:OKTAGet Rating) last released its earnings results on Thursday, June 2nd. The company reported ($0.27) EPS for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.07. Okta had a negative return on equity of 12.85% and a negative net margin of 67.06%. The business had revenue of $414.94 million for the quarter, compared to analysts’ expectations of $388.77 million. During the same quarter in the prior year, the firm earned ($0.59) earnings per share. The firm’s revenue was up 65.3% on a year-over-year basis.

Institutional investors and hedge funds have recently made changes to their positions in the company. Natixis Advisors L.P. acquired a new stake in shares of Okta in the 4th quarter valued at $2,440,000. Frontier Capital Management Co. LLC raised its stake in Okta by 3.7% during the 4th quarter. Frontier Capital Management Co. LLC now owns 370,859 shares of the company’s stock worth $83,135,000 after acquiring an additional 13,309 shares in the last quarter. Advisor Group Holdings Inc. raised its stake in Okta by 6.2% during the 4th quarter. Advisor Group Holdings Inc. now owns 54,677 shares of the company’s stock worth $12,250,000 after acquiring an additional 3,195 shares in the last quarter. Glynn Capital Management LLC raised its stake in Okta by 27.9% during the 4th quarter. Glynn Capital Management LLC now owns 335,282 shares of the company’s stock worth $75,160,000 after acquiring an additional 73,093 shares in the last quarter. Finally, Viridian Ria LLC acquired a new position in Okta in the fourth quarter valued at $2,439,000. Institutional investors and hedge funds own 76.18% of the company’s stock.

In related news, CEO Todd Mckinnon sold 7,655 shares of the 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 $1,170,602.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Christopher K. Kramer sold 1,035 shares of the 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 disclosure for this sale can be found here. In the last three months, insiders sold 19,537 shares of company stock valued at $2,984,147. Corporate insiders own 7.60% 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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