Wall Street brokerages predict that Okta Inc (NASDAQ:OKTA) will announce $107.94 million in sales for the current quarter, Zacks reports. Ten analysts have provided estimates for Okta’s earnings. The highest sales estimate is $110.00 million and the lowest is $107.50 million. Okta reported sales of $77.75 million during the same quarter last year, which indicates a positive year over year growth rate of 38.8%. The company is expected to issue its next quarterly earnings results after the market closes on Thursday, March 7th.
On average, analysts expect that Okta will report full-year sales of $391.78 million for the current financial year, with estimates ranging from $391.29 million to $393.80 million. For the next financial year, analysts expect that the business will report sales of $518.85 million, with estimates ranging from $515.00 million to $528.00 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Okta.
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Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Wednesday, December 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.28) by $0.24. The business had revenue of $105.58 million during the quarter, compared to the consensus estimate of $96.81 million. Okta had a negative net margin of 33.02% and a negative return on equity of 48.01%.
OKTA has been the topic of a number of research analyst reports. Zacks Investment Research cut shares of Okta from a “hold” rating to a “sell” rating in a research note on Tuesday, February 5th. BidaskClub upgraded shares of Okta from a “hold” rating to a “buy” rating in a research note on Tuesday, November 27th. Berenberg Bank initiated coverage on shares of Okta in a research note on Thursday, November 29th. They issued a “buy” rating and a $73.00 target price on the stock. Piper Jaffray Companies initiated coverage on shares of Okta in a research note on Friday, January 11th. They issued an “overweight” rating and a $80.00 target price on the stock. Finally, Robert W. Baird reiterated a “hold” rating and issued a $65.00 target price on shares of Okta in a research note on Thursday, December 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Okta has an average rating of “Buy” and an average price target of $72.39.
In related news, Director Benjamin A. Horowitz sold 35,669 shares of the company’s stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $84.64, for a total transaction of $3,019,024.16. Following the sale, the director now directly owns 11,765 shares in the company, valued at approximately $995,789.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Benjamin A. Horowitz sold 400,000 shares of the company’s stock in a transaction that occurred on Monday, December 10th. The shares were sold at an average price of $64.45, for a total transaction of $25,780,000.00. Following the sale, the director now owns 11,765 shares in the company, valued at $758,254.25. The disclosure for this sale can be found here. Insiders have sold a total of 1,408,272 shares of company stock worth $95,470,066 over the last 90 days. 20.59% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Amalgamated Bank lifted its stake in Okta by 63.0% in the 4th quarter. Amalgamated Bank now owns 19,155 shares of the company’s stock worth $1,222,000 after purchasing an additional 7,403 shares in the last quarter. Potrero Capital Research LLC purchased a new stake in Okta in the 4th quarter worth approximately $319,000. Gotham Asset Management LLC purchased a new stake in Okta in the 4th quarter worth approximately $873,000. Squarepoint Ops LLC lifted its stake in Okta by 13.1% in the 4th quarter. Squarepoint Ops LLC now owns 136,955 shares of the company’s stock worth $8,738,000 after purchasing an additional 15,879 shares in the last quarter. Finally, 1832 Asset Management L.P. purchased a new stake in Okta in the 4th quarter worth approximately $28,190,000. Institutional investors own 62.54% of the company’s stock.
OKTA traded down $1.09 during midday trading on Friday, reaching $83.99. The company had a trading volume of 1,379,554 shares, compared to its average volume of 1,753,529. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 1.09. The stock has a market cap of $9.40 billion, a price-to-earnings ratio of -61.31 and a beta of 1.25. Okta has a 12-month low of $35.03 and a 12-month high of $87.72.
Okta Company Profile
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 to manage and secure identities, 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 their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for Web and mobile applications, and data of organization; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; and Mobility Management, which simplifies and automates mobile device administration and provisioning across phones, tablets, and laptops.
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