Okta (NASDAQ:OKTA) Issues Q3 2023 Earnings Guidance

Okta (NASDAQ:OKTAGet Rating) updated its third quarter 2023 earnings guidance on Wednesday. The company provided EPS guidance of -$0.25–$0.24 for the period, compared to the consensus EPS estimate of -$0.28. The company issued revenue guidance of $463.00 million-$465.00 million, compared to the consensus revenue estimate of $463.99 million. Okta also updated its FY 2023 guidance to -$0.73–$0.70 EPS.

Analyst Ratings Changes

A number of analysts recently commented on OKTA shares. Oppenheimer decreased their price target on Okta from $140.00 to $115.00 and set an outperform rating for the company in a research report on Thursday, September 1st. Jefferies Financial Group started coverage on Okta in a research report on Thursday, September 15th. They issued a buy rating and a $90.00 target price for the company. Wolfe Research reduced their price target on Okta from $108.00 to $100.00 and set an outperform rating for the company in a research report on Thursday, September 1st. Canaccord Genuity Group cut Okta from a buy rating to a hold rating and reduced their price target for the company from $155.00 to $85.00 in a research report on Thursday, September 1st. Finally, Robert W. Baird dropped their price objective on Okta from $195.00 to $125.00 and set a neutral rating for the company in a research note on Friday, June 3rd. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Okta has an average rating of Hold and a consensus price target of $115.04.

Okta Trading Down 2.1 %

NASDAQ:OKTA traded down $1.17 during mid-day trading on Thursday, reaching $55.80. 65,237 shares of the company’s stock traded hands, compared to its average volume of 7,672,301. Okta has a 12-month low of $56.85 and a 12-month high of $272.27. The firm has a market capitalization of $8.86 billion, a price-to-earnings ratio of -9.46 and a beta of 1.08. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.38 and a quick ratio of 2.38. The company has a 50 day moving average price of $87.69 and a 200-day moving average price of $107.16.

Okta (NASDAQ:OKTAGet Rating) last announced its quarterly earnings results on Wednesday, August 31st. The company reported ($1.19) earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $430.66 million. During the same quarter in the previous year, the business earned ($1.35) EPS. Okta’s revenue was up 43.6% compared to the same quarter last year. On average, sell-side analysts predict that Okta will post -5.15 earnings per share for the current year.

Insiders Place Their Bets

In other Okta news, insider Ledger Susan St. sold 30,760 shares of the company’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 $1,826,836.40. Following the transaction, the insider now owns 39,106 shares in the company, valued at approximately $2,322,505.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Okta news, insider Ledger Susan St. sold 30,760 shares of the company’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 $1,826,836.40. Following the transaction, the insider now owns 39,106 shares in the company, valued at approximately $2,322,505.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd Mckinnon sold 3,921 shares of the company’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 in the company, valued at approximately $891,562.68. The disclosure for this sale can be found here. In the last quarter, insiders have sold 41,168 shares of company stock worth $2,449,229. Company insiders own 7.60% of the company’s stock.

Institutional Trading of Okta

Hedge funds have recently made changes to their positions in the stock. Wetherby Asset Management Inc. lifted its position in Okta by 5.3% in the 1st quarter. Wetherby Asset Management Inc. now owns 3,853 shares of the company’s stock valued at $582,000 after acquiring an additional 193 shares in the last quarter. Captrust Financial Advisors lifted its holdings in shares of Okta by 2.4% during the 2nd quarter. Captrust Financial Advisors now owns 5,953 shares of the company’s stock valued at $538,000 after buying an additional 137 shares during the period. Cibc World Market Inc. lifted its holdings in shares of Okta by 7.9% during the 1st quarter. Cibc World Market Inc. now owns 3,297 shares of the company’s stock valued at $498,000 after buying an additional 240 shares during the period. NewEdge Advisors LLC bought a new position in shares of Okta during the 2nd quarter valued at $476,000. Finally, Eqis Capital Management Inc. lifted its holdings in shares of Okta by 52.4% during the 1st quarter. Eqis Capital Management Inc. now owns 2,661 shares of the company’s stock valued at $402,000 after buying an additional 915 shares during the period. 75.47% of the stock is owned by institutional investors.

About Okta

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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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Earnings History and Estimates for Okta (NASDAQ:OKTA)

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