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