Brokerages forecast that Okta (NASDAQ:OKTA) will announce $78.79 million in sales for the current quarter, according to Zacks Investment Research. Six analysts have provided estimates for Okta’s earnings. The highest sales estimate is $79.00 million and the lowest is $78.70 million. Okta reported sales of $53.01 million during the same quarter last year, which indicates a positive year-over-year growth rate of 48.6%. The business is scheduled to issue its next earnings report on Wednesday, June 6th.
On average, analysts expect that Okta will report full-year sales of $347.20 million for the current fiscal year, with estimates ranging from $346.00 million to $348.00 million. For the next financial year, analysts expect that the company will report sales of $462.35 million per share, with estimates ranging from $457.60 million to $465.40 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Okta.
Okta (NASDAQ:OKTA) last released its quarterly earnings data on Wednesday, March 7th. The company reported ($0.10) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.05. The company had revenue of $77.80 million during the quarter, compared to the consensus estimate of $76.77 million. Okta had a negative net margin of 43.99% and a negative return on equity of 65.56%. The firm’s revenue for the quarter was up 59.4% on a year-over-year basis.
Several research firms recently commented on OKTA. JPMorgan Chase raised their price objective on shares of Okta to $50.00 and gave the stock an “overweight” rating in a report on Thursday, March 8th. Deutsche Bank raised their price objective on shares of Okta from $43.00 to $46.00 and gave the stock a “buy” rating in a report on Thursday, March 8th. Canaccord Genuity increased their target price on shares of Okta from $28.00 to $36.00 and gave the stock a “hold” rating in a research note on Thursday, March 8th. SunTrust Banks increased their target price on shares of Okta to $45.00 and gave the stock a “buy” rating in a research note on Thursday, March 8th. Finally, Needham & Company LLC increased their target price on shares of Okta from $38.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, March 8th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $42.09.
OKTA traded up $0.89 on Friday, hitting $41.97. The company’s stock had a trading volume of 2,109,615 shares, compared to its average volume of 1,594,148. The company has a market cap of $4,299.27 and a PE ratio of -30.64. Okta has a 12 month low of $21.52 and a 12 month high of $42.88.
In other news, COO Jacques Frederic Kerrest sold 171,671 shares of the firm’s stock in a transaction on Tuesday, April 17th. The shares were sold at an average price of $40.77, for a total transaction of $6,999,026.67. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO William E. Losch sold 16,400 shares of the firm’s stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $30.04, for a total transaction of $492,656.00. Following the sale, the chief financial officer now owns 16,400 shares in the company, valued at approximately $492,656. The disclosure for this sale can be found here. Insiders sold a total of 433,246 shares of company stock worth $15,914,476 over the last quarter.
Several institutional investors have recently bought and sold shares of OKTA. Champlain Investment Partners LLC raised its position in shares of Okta by 387.3% during the 4th quarter. Champlain Investment Partners LLC now owns 2,859,000 shares of the company’s stock valued at $73,219,000 after buying an additional 2,272,290 shares in the last quarter. Glynn Capital Management LLC raised its position in shares of Okta by 3,125.6% during the 4th quarter. Glynn Capital Management LLC now owns 2,343,268 shares of the company’s stock valued at $60,011,000 after buying an additional 2,270,623 shares in the last quarter. Allianz Asset Management GmbH raised its position in shares of Okta by 1,664.7% during the 4th quarter. Allianz Asset Management GmbH now owns 904,405 shares of the company’s stock valued at $23,162,000 after buying an additional 853,155 shares in the last quarter. Hamilton Lane Advisors LLC purchased a new stake in shares of Okta during the 4th quarter valued at $13,286,000. Finally, Millennium Management LLC purchased a new stake in shares of Okta during the 4th quarter valued at $11,179,000. Hedge funds and other institutional investors own 38.05% of the company’s stock.
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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 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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