Okta (NASDAQ:OKTA) Updates FY 2023 Earnings Guidance

Okta (NASDAQ:OKTAGet Rating) issued an update on its FY 2023 earnings guidance on Wednesday morning. The company provided earnings per share guidance of -$0.73–$0.70 for the period, compared to the consensus earnings per share estimate of -$1.11. The company issued revenue guidance of $1.81 billion-$1.82 billion, compared to the consensus revenue estimate of $1.82 billion. Okta also updated its Q3 2023 guidance to -$0.25–$0.24 EPS.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on OKTA. Canaccord Genuity Group downgraded shares of Okta from a buy rating to a hold rating and cut their target price for the stock from $155.00 to $85.00 in a research report on Thursday, September 1st. BTIG Research cut their target price on shares of Okta from $152.00 to $117.00 in a research report on Thursday, September 1st. Deutsche Bank Aktiengesellschaft lowered their target price on Okta from $130.00 to $90.00 and set a buy rating on the stock in a research note on Tuesday, September 6th. Needham & Company LLC downgraded Okta from a buy rating to a hold rating in a research note on Thursday, September 1st. Finally, Wolfe Research cut their price target on Okta from $108.00 to $100.00 and set an outperform rating for the company in a research note on Thursday, September 1st. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $115.04.

Okta Stock Performance

Shares of OKTA stock traded down $1.72 during mid-day trading on Friday, reaching $53.54. The stock had a trading volume of 80,996 shares, compared to its average volume of 7,759,419. The firm’s 50 day simple moving average is $86.94 and its 200 day simple moving average is $106.47. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 0.40. Okta has a one year low of $55.22 and a one year high of $272.27. The firm has a market cap of $8.51 billion, a PE ratio of -9.06 and a beta of 1.08.

Okta (NASDAQ:OKTAGet Rating) last announced its quarterly earnings data on Wednesday, August 31st. The company reported ($1.19) EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $435.38 million during the quarter, compared to the consensus estimate of $430.66 million. During the same quarter last year, the company earned ($1.35) EPS. The company’s quarterly revenue was up 43.6% on a year-over-year basis. On average, analysts forecast that Okta will post -5.15 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Brett Tighe sold 2,844 shares of the firm’s stock in a transaction that occurred on Friday, September 16th. The stock was sold at an average price of $59.39, for a total transaction of $168,905.16. Following the completion of the transaction, the chief financial officer now owns 36,337 shares in the company, valued at approximately $2,158,054.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Brett Tighe sold 2,844 shares of the firm’s stock in a transaction that occurred on Friday, September 16th. The stock was sold at an average price of $59.39, for a total transaction of $168,905.16. Following the completion of the transaction, the chief financial officer now owns 36,337 shares in the company, valued at approximately $2,158,054.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd Mckinnon sold 3,921 shares of the firm’s stock in a transaction that occurred on Friday, September 16th. The stock was sold at an average price of $59.39, for a total value of $232,868.19. Following the transaction, the chief executive officer now owns 15,012 shares of the company’s stock, valued at approximately $891,562.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 41,168 shares of company stock worth $2,449,229. 7.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Okta

Several institutional investors have recently bought and sold shares of OKTA. Renaissance Technologies LLC bought a new position in Okta in the 1st quarter valued at $69,245,000. Vanguard Group Inc. increased its stake in shares of Okta by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 13,506,847 shares of the company’s stock valued at $2,038,994,000 after buying an additional 264,423 shares during the period. Worldquant Millennium Advisors LLC acquired a new stake in shares of Okta in the 1st quarter valued at $15,625,000. Woodline Partners LP acquired a new stake in shares of Okta in the 1st quarter valued at $7,535,000. Finally, National Pension Service increased its stake in shares of Okta by 27.4% in the 1st quarter. National Pension Service now owns 214,978 shares of the company’s stock valued at $32,453,000 after buying an additional 46,257 shares during the period. Institutional investors own 75.47% 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.

Featured Stories

Earnings History and Estimates for Okta (NASDAQ:OKTA)

Receive News & Ratings for Okta Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Okta and related companies with MarketBeat.com's FREE daily email newsletter.