Okta (NASDAQ:OKTA) Updates FY 2023 Earnings Guidance

Okta (NASDAQ:OKTA – Get Rating) issued an update on its FY 2023 earnings guidance on Thursday morning. The company provided earnings per share guidance of -$1.14–$1.11 for the period, compared to the consensus earnings per share 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.

Shares of OKTA stock opened at $102.19 on Thursday. The company has a quick ratio of 2.45, a current ratio of 2.45 and a debt-to-equity ratio of 0.40. Okta has a fifty-two week low of $77.01 and a fifty-two week high of $276.30. The stock’s 50-day moving average is $114.83 and its two-hundred day moving average is $166.08.

Okta (NASDAQ:OKTA – Get Rating) last issued its quarterly earnings data on Thursday, June 2nd. The company reported ($0.27) EPS for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.07. The business had revenue of $414.94 million for the quarter, compared to analyst estimates of $388.77 million. Okta had a negative return on equity of 13.13% and a negative net margin of 67.06%. The firm’s revenue for the quarter was up 65.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.59) EPS. On average, research analysts forecast that Okta will post -5.55 EPS for the current year.

A number of analysts have commented on OKTA shares. Oppenheimer reduced their price objective on Okta from $210.00 to $170.00 and set an outperform rating for the company in a research report on Friday, June 3rd. Guggenheim cut their target price on Okta from $265.00 to $240.00 and set a buy rating for the company in a research report on Friday, March 4th. Piper Sandler dropped their price target on Okta from $270.00 to $150.00 and set an overweight rating for the company in a report on Friday, June 3rd. Truist Financial cut Okta from a buy rating to a hold rating and lowered their target price for the company from $270.00 to $170.00 in a research note on Tuesday, March 22nd. Finally, Morgan Stanley decreased their price objective on Okta to $150.00 and set a na rating for the company in a research note on Wednesday, May 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Buy and a consensus price target of $178.96.

In other Okta news, CEO Todd Mckinnon sold 7,655 shares of the stock in a transaction dated Wednesday, March 16th. The stock was sold at an average price of $152.92, for a total transaction of $1,170,602.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ledger Susan St. sold 5,879 shares of the stock in a transaction dated Wednesday, March 16th. The stock was sold at an average price of $152.92, for a total value of $899,016.68. The disclosure for this sale can be found here. Insiders sold 19,537 shares of company stock valued at $2,984,147 over the last 90 days. 7.60% of the stock is currently owned by company insiders.

A number of institutional investors have recently modified their holdings of OKTA. KB Financial Partners LLC acquired a new stake in Okta during the 4th quarter worth about $42,000. Penserra Capital Management LLC grew its holdings in Okta by 49.9% during the 4th quarter. Penserra Capital Management LLC now owns 658 shares of the company’s stock worth $147,000 after acquiring an additional 219 shares during the period. Prudential PLC acquired a new stake in Okta during the 1st quarter worth about $245,000. XTX Topco Ltd acquired a new stake in Okta during the 1st quarter worth about $247,000. Finally, High Net Worth Advisory Group LLC grew its holdings in Okta by 35.2% during the 1st quarter. High Net Worth Advisory Group LLC now owns 1,690 shares of the company’s stock worth $255,000 after acquiring an additional 440 shares during the period. Hedge funds and other institutional investors own 76.18% of the company’s stock.

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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