Okta (NASDAQ:OKTA) Updates Q3 2022 Earnings Guidance

Okta (NASDAQ:OKTA) updated its third quarter 2022 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $-0.250-$-0.240 for the period, compared to the Thomson Reuters consensus estimate of $-0.340. The company issued revenue guidance of $325 million-$327 million, compared to the consensus revenue estimate of $322.93 million.Okta also updated its FY 2022 guidance to $-0.770-$-0.740 EPS.

Several brokerages recently commented on OKTA. The Goldman Sachs Group raised their target price on Okta from $290.00 to $300.00 and gave the company a buy rating in a report on Thursday, September 2nd. Raymond James upgraded Okta from an outperform rating to a strong-buy rating and raised their target price for the company from $300.00 to $310.00 in a report on Wednesday, August 25th. Daiwa Capital Markets began coverage on Okta in a report on Thursday, June 24th. They set a buy rating and a $282.00 target price on the stock. Summit Insights raised their target price on Okta from $275.00 to $300.00 and gave the company a buy rating in a report on Thursday, September 2nd. Finally, JPMorgan Chase & Co. lifted their price objective on Okta from $235.00 to $245.00 and gave the stock a neutral rating in a report on Thursday, May 27th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of Buy and a consensus target price of $289.67.

Shares of OKTA traded down $0.06 during midday trading on Friday, reaching $255.72. The stock had a trading volume of 12,689 shares, compared to its average volume of 1,716,637. Okta has a 52 week low of $185.05 and a 52 week high of $294.00. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.15 and a quick ratio of 3.15. The firm’s 50 day moving average price is $249.08 and its 200-day moving average price is $241.43. The company has a market capitalization of $39.55 billion, a P/E ratio of -67.29 and a beta of 0.97.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Tuesday, August 31st. The company reported ($0.11) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.35) by $0.24. Okta had a negative return on equity of 18.64% and a negative net margin of 52.47%. The company had revenue of $316.00 million for the quarter, compared to the consensus estimate of $293.16 million. During the same quarter in the previous year, the business earned $0.07 EPS. The company’s quarterly revenue was up 57.7% compared to the same quarter last year. On average, equities analysts forecast that Okta will post -4.8 earnings per share for the current year.

In related news, Director Robert L. Dixon, Jr. sold 800 shares of the company’s stock in a transaction on Thursday, September 9th. The stock was sold at an average price of $263.45, for a total transaction of $210,760.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Todd Mckinnon sold 18,474 shares of the company’s stock in a transaction on Monday, June 21st. The shares were sold at an average price of $235.56, for a total value of $4,351,735.44. Following the transaction, the chief executive officer now directly owns 13,587 shares in the company, valued at $3,200,553.72. The disclosure for this sale can be found here. Insiders have sold 200,373 shares of company stock worth $50,356,464 over the last ninety days. 9.60% of the stock is owned by insiders.

About Okta

Okta, Inc engages in the provision of identity management platform for the enterprise. It operates through United States and International geographical segments. The firm’s products include single sign-on, multi factor authentication, API access management, authentication, user management, and lifecycle management.

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Earnings History and Estimates for Okta (NASDAQ:OKTA)

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