Okta (OKTA) Issues Q4 2019 Earnings Guidance

Okta (NASDAQ:OKTA) updated its fourth quarter 2019 earnings guidance on Wednesday. The company provided EPS guidance of $-0.09–0.08 for the period, compared to the Thomson Reuters consensus EPS estimate of $-0.11. The company issued revenue guidance of $107-108 million, compared to the consensus revenue estimate of $99.87 million.Okta also updated its FY 2019 guidance to $-0.37–0.36 EPS.

OKTA has been the topic of several research reports. Robert W. Baird initiated coverage on Okta in a research report on Wednesday, October 17th. They issued a neutral rating and a $65.00 target price on the stock. Canaccord Genuity raised their target price on Okta from $60.00 to $75.00 and gave the company a buy rating in a research report on Friday, September 7th. Needham & Company LLC raised their target price on Okta from $58.00 to $75.00 and gave the company a buy rating in a research report on Friday, September 7th. BidaskClub downgraded Okta from a buy rating to a hold rating in a research report on Tuesday, November 13th. Finally, Deutsche Bank raised their target price on Okta to $75.00 and gave the company a buy rating in a research report on Friday, September 7th. Two research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $68.80.

NASDAQ:OKTA traded down $4.22 on Wednesday, reaching $60.65. The company’s stock had a trading volume of 2,258,702 shares, compared to its average volume of 1,971,440. Okta has a 12-month low of $24.93 and a 12-month high of $75.49. The company has a quick ratio of 2.90, a current ratio of 2.90 and a debt-to-equity ratio of 1.08. The company has a market capitalization of $6.95 billion, a P/E ratio of -44.27 and a beta of 0.99.

Okta (NASDAQ:OKTA) last posted its earnings results on Thursday, September 6th. The company reported ($0.15) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.36) by $0.21. Okta had a negative return on equity of 56.91% and a negative net margin of 38.13%. The company had revenue of $94.59 million for the quarter, compared to the consensus estimate of $85.00 million. During the same quarter in the previous year, the business earned ($0.16) earnings per share. The company’s revenue for the quarter was up 57.0% on a year-over-year basis. Sell-side analysts anticipate that Okta will post -1.12 earnings per share for the current fiscal year.

In other Okta news, Director Benjamin A. Horowitz sold 270,465 shares of Okta stock in a transaction on Friday, September 14th. The stock was sold at an average price of $72.66, for a total value of $19,651,986.90. Following the sale, the director now owns 11,765 shares in the company, valued at $854,844.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William E. Losch sold 20,000 shares of Okta stock in a transaction on Monday, October 22nd. The shares were sold at an average price of $56.92, for a total value of $1,138,400.00. Following the completion of the sale, the chief financial officer now owns 20,000 shares in the company, valued at approximately $1,138,400. The disclosure for this sale can be found here. Insiders sold 334,142 shares of company stock worth $23,827,125 in the last 90 days. Company insiders own 20.59% of the company’s stock.

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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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Earnings History and Estimates for Okta (NASDAQ:OKTA)

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