Brokers

Brokers Set Expectations for Okta, Inc.’s Q2 2023 Earnings (NASDAQ:OKTA)


Okta, Inc. (NASDAQ:OKTAGet Rating) – Equities researchers at DA Davidson issued their Q2 2023 earnings per share (EPS) estimates for shares of Okta in a note issued to investors on Friday, June 3rd. DA Davidson analyst R. Kessinger anticipates that the company will earn ($1.34) per share for the quarter. DA Davidson currently has a “Buy” rating and a $140.00 target price on the stock.

Other analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft cut their price objective on Okta from $195.00 to $130.00 in a report on Friday. Wolfe Research cut their target price on Okta from $135.00 to $128.00 and set an “outperform” rating on the stock in a report on Friday. Stifel Nicolaus cut their target price on Okta from $195.00 to $115.00 in a report on Friday. KeyCorp cut their target price on Okta from $225.00 to $190.00 and set an “overweight” rating on the stock in a report on Tuesday, April 5th. Finally, Royal Bank of Canada lowered their price target on Okta from $260.00 to $145.00 in a research report on Tuesday, May 31st. Eight analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, Okta currently has an average rating of “Buy” and an average price target of $178.96.

OKTA opened at $98.38 on Monday. The stock has a fifty day moving average of $118.08 and a 200-day moving average of $168.02. The firm has a market capitalization of $15.42 billion, a P/E ratio of -15.40 and a beta of 1.18. Okta has a 12-month low of $77.01 and a 12-month high of $276.30. The company has a quick ratio of 2.45, a current ratio of 2.45 and a debt-to-equity ratio of 0.31.

Okta (NASDAQ:OKTAGet Rating) last released its quarterly earnings data on Thursday, June 2nd. The company reported ($0.27) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.07. The business had revenue of $414.94 million during the quarter, compared to analyst estimates of $388.77 million. Okta had a negative return on equity of 12.85% and a negative net margin of 67.06%. The company’s revenue was up 65.3% compared to the same quarter last year. During the same period last year, the company posted ($0.59) EPS.

Institutional investors have recently added to or reduced their stakes in the stock. Natixis Advisors L.P. purchased a new position in Okta during the fourth quarter worth about $2,440,000. Frontier Capital Management Co. LLC raised its position in Okta by 3.7% in the fourth quarter. Frontier Capital Management Co. LLC now owns 370,859 shares of the company’s stock worth $83,135,000 after acquiring an additional 13,309 shares during the period. Advisor Group Holdings Inc. raised its position in Okta by 6.2% in the fourth quarter. Advisor Group Holdings Inc. now owns 54,677 shares of the company’s stock worth $12,250,000 after acquiring an additional 3,195 shares during the period. Glynn Capital Management LLC raised its position in Okta by 27.9% in the fourth quarter. Glynn Capital Management LLC now owns 335,282 shares of the company’s stock worth $75,160,000 after acquiring an additional 73,093 shares during the period. Finally, Viridian Ria LLC bought a new stake in Okta in the fourth quarter worth about $2,439,000. Institutional investors and hedge funds own 76.18% of the company’s stock.

In other Okta news, CAO Christopher K. Kramer sold 1,035 shares of the firm’s stock in a transaction on Wednesday, March 16th. The shares were sold at an average price of $152.92, for a total value of $158,272.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brett Tighe sold 2,858 shares of the firm’s stock in a transaction on Wednesday, March 16th. The stock was sold at an average price of $152.92, for a total transaction of $437,045.36. The disclosure for this sale can be found here. Insiders have sold 19,537 shares of company stock valued at $2,984,147 in the last ninety days. Insiders own 7.60% 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.

Read More

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.

Source link

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button
SUBSCRIBE TO OUR NEWSLETTER

Get our latest downloads and information first. Complete the form below to subscribe to our weekly newsletter.