Okta (NASDAQ:OKTA) Updates Q2 2023 Earnings Guidance

Okta (NASDAQ:OKTAGet Rating) issued an update on its second quarter 2023 earnings guidance on Thursday morning. The company provided earnings per share guidance of -$0.32–$0.31 for the period, compared to the consensus earnings per share estimate of -$0.33. The company issued revenue guidance of $428.00 million-$430.00 million, compared to the consensus revenue estimate of $422.25 million.Okta also updated its FY 2023 guidance to -$1.14–$1.11 EPS.

Shares of Okta stock opened at $102.19 on Thursday. The stock has a 50-day moving average price of $114.83 and a 200 day moving average price of $166.08. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.45 and a quick ratio of 2.45. Okta has a 1 year low of $77.01 and a 1 year high of $276.30.

Okta (NASDAQ:OKTAGet Rating) last announced its quarterly earnings data on Thursday, June 2nd. The company reported ($0.27) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.07. The firm had revenue of $414.94 million during the quarter, compared to the consensus estimate of $388.77 million. Okta had a negative return on equity of 13.13% and a negative net margin of 67.06%. The business’s revenue for the quarter was up 65.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.59) EPS. On average, equities analysts forecast that Okta will post -5.55 earnings per share for the current fiscal year.

OKTA has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft lowered their price objective on Okta from $195.00 to $130.00 in a report on Friday, June 3rd. Morgan Stanley lowered their price objective on Okta to $150.00 and set a na rating on the stock in a report on Wednesday, May 18th. JPMorgan Chase & Co. lowered their price objective on Okta from $230.00 to $197.00 and set a neutral rating on the stock in a report on Thursday, March 3rd. Piper Sandler lowered their price objective on Okta from $270.00 to $150.00 and set an overweight rating on the stock in a report on Friday, June 3rd. Finally, Needham & Company LLC increased their price objective on Okta from $108.00 to $135.00 and gave the company a buy rating in a report on Friday, June 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Buy and an average price target of $178.96.

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

A number of hedge funds have recently bought and sold shares of OKTA. KB Financial Partners LLC bought a new position in Okta during the fourth quarter worth about $42,000. Penserra Capital Management LLC lifted its holdings in Okta by 49.9% during the fourth quarter. Penserra Capital Management LLC now owns 658 shares of the company’s stock worth $147,000 after acquiring an additional 219 shares in the last quarter. Prudential PLC bought a new position in Okta during the first quarter worth about $245,000. XTX Topco Ltd bought a new position in Okta during the first quarter worth about $247,000. Finally, High Net Worth Advisory Group LLC lifted its holdings 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 worth $255,000 after acquiring 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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Earnings History and Estimates for Okta (NASDAQ:OKTA)

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