Okta (OKTA) Updates FY 2019 Earnings Guidance

Okta (NASDAQ:OKTA) updated its FY 2019 earnings guidance on Wednesday. The company provided earnings per share guidance of $-0.37–0.36 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $-0.47. The company issued revenue guidance of $391-392 million, compared to the consensus revenue estimate of $375.06 million.Okta also updated its Q4 2019 guidance to $-0.09–0.08 EPS.

A number of research firms recently issued reports on OKTA. BidaskClub raised Okta from a buy rating to a strong-buy rating in a report on Wednesday, September 12th. SunTrust Banks raised their price target on Okta to $72.00 and gave the stock a buy rating in a report on Friday, September 7th. Deutsche Bank raised their price target on Okta to $75.00 and gave the stock a buy rating in a report on Friday, September 7th. Zacks Investment Research lowered Okta from a buy rating to a hold rating in a report on Thursday, November 8th. Finally, Robert W. Baird initiated coverage on Okta in a report on Wednesday, October 17th. They set a neutral rating and a $65.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Okta currently has an average rating of Buy and a consensus target price of $68.80.

Shares of NASDAQ:OKTA traded down $4.22 during trading on Wednesday, hitting $60.65. 2,258,702 shares of the stock were exchanged, compared to its average volume of 1,971,440. The firm has a market capitalization of $6.95 billion, a price-to-earnings ratio of -44.27 and a beta of 0.99. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.90 and a quick ratio of 2.90. Okta has a 12-month low of $24.93 and a 12-month high of $75.49.

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

In other news, General Counsel Jonathan T. Runyan sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, September 7th. The stock was sold at an average price of $70.00, for a total transaction of $700,000.00. Following the sale, the general counsel now owns 10,000 shares of the company’s stock, valued at approximately $700,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Benjamin A. Horowitz sold 270,465 shares of the business’s stock in a transaction that occurred 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 directly owns 11,765 shares in the company, valued at approximately $854,844.90. The disclosure for this sale can be found here. Insiders have sold a total of 334,142 shares of company stock worth $23,827,125 in the last three months. Corporate 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.

Further Reading: Market Capitalization

Earnings History and Estimates for Okta (NASDAQ:OKTA)

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