Okta, Inc. (NASDAQ:OKTA – Get Rating) – Analysts at Jefferies Financial Group issued their Q3 2023 earnings per share (EPS) estimates for Okta in a research note issued on Thursday, September 15th. Jefferies Financial Group analyst J. Gallo forecasts that the company will earn ($1.28) per share for the quarter. Jefferies Financial Group currently has a “Buy” rating and a $90.00 target price on the stock. The consensus estimate for Okta’s current full-year earnings is ($5.15) per share. Jefferies Financial Group also issued estimates for Okta’s Q4 2023 earnings at ($1.08) EPS, FY2023 earnings at ($4.90) EPS, Q1 2024 earnings at ($1.05) EPS, Q2 2024 earnings at ($1.03) EPS, Q3 2024 earnings at ($0.97) EPS, Q4 2024 earnings at ($0.92) EPS and FY2024 earnings at ($3.96) EPS.
Several other equities research analysts also recently weighed in on the stock. Sanford C. Bernstein began coverage on shares of Okta in a research report on Tuesday, July 19th. They set a “market perform” rating and a $94.00 price target for the company. Wells Fargo & Company cut their price objective on shares of Okta to $100.00 in a research report on Tuesday, September 6th. Citigroup boosted their price objective on shares of Okta from $105.00 to $130.00 in a research report on Friday, June 3rd. Mizuho cut their price objective on shares of Okta from $150.00 to $110.00 and set a “buy” rating for the company in a research report on Thursday, September 1st. Finally, Stephens cut shares of Okta from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $145.00 to $80.00 in a research note on Thursday, September 1st. Fourteen equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $116.73.
Okta Stock Down 5.6 %
Okta (NASDAQ:OKTA – Get Rating) last posted its earnings results on Wednesday, August 31st. The company reported ($1.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.41) by $0.22. Okta had a negative return on equity of 13.18% and a negative net margin of 57.21%. The firm had revenue of $435.38 million for the quarter, compared to the consensus estimate of $430.66 million. During the same quarter in the prior year, the business posted ($1.35) earnings per share. The business’s quarterly revenue was up 43.6% on a year-over-year basis.
Institutional Inflows and Outflows
Hedge funds have recently bought and sold shares of the business. UMB Bank N A MO grew its position in shares of Okta by 24.0% during the first quarter. UMB Bank N A MO now owns 413 shares of the company’s stock worth $63,000 after buying an additional 80 shares in the last quarter. Impax Asset Management Group plc lifted its stake in Okta by 0.8% in the fourth quarter. Impax Asset Management Group plc now owns 9,769 shares of the company’s stock valued at $2,189,000 after buying an additional 82 shares during the last quarter. Coastal Bridge Advisors LLC lifted its stake in Okta by 1.6% in the fourth quarter. Coastal Bridge Advisors LLC now owns 5,582 shares of the company’s stock valued at $1,251,000 after buying an additional 90 shares during the last quarter. Louisiana State Employees Retirement System lifted its stake in Okta by 1.3% in the first quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company’s stock valued at $1,144,000 after buying an additional 100 shares during the last quarter. Finally, Synovus Financial Corp lifted its stake in Okta by 1.5% in the second quarter. Synovus Financial Corp now owns 6,978 shares of the company’s stock valued at $631,000 after buying an additional 103 shares during the last quarter. Hedge funds and other institutional investors own 75.47% of the company’s stock.
Okta Company Profile
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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