Okta (NASDAQ:OKTA) posted its earnings results on Wednesday. The company reported ($0.04) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.28) by $0.24, Fidelity Earnings reports. The business had revenue of $105.58 million during the quarter, compared to analyst estimates of $96.81 million. Okta had a negative return on equity of 49.38% and a negative net margin of 33.02%. Okta updated its FY 2019 guidance to $-0.37–0.36 EPS and its Q4 2019 guidance to $-0.09–0.08 EPS.
Shares of OKTA opened at $66.95 on Friday. 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 one year low of $24.93 and a one year high of $75.49. The firm has a market capitalization of $6.62 billion, a P/E ratio of -48.87 and a beta of 0.99.
In related 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 completion of the sale, the director now owns 11,765 shares of the company’s stock, valued at $854,844.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jacques Frederic Kerrest sold 1,177 shares of Okta stock in a transaction on Monday, September 17th. The stock was sold at an average price of $69.85, for a total value of $82,213.45. The disclosure for this sale can be found here. Insiders sold 324,142 shares of company stock valued at $23,127,125 in the last ninety days. 20.59% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC bought a new stake in shares of Okta in the second quarter worth $139,000. Stratos Wealth Partners LTD. purchased a new position in Okta during the third quarter valued at $147,000. Public Employees Retirement Association of Colorado purchased a new position in Okta during the second quarter valued at $160,000. Flagship Harbor Advisors LLC purchased a new position in Okta during the second quarter valued at $174,000. Finally, Benjamin F. Edwards & Company Inc. lifted its position in Okta by 75.4% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,675 shares of the company’s stock valued at $188,000 after purchasing an additional 1,150 shares in the last quarter. 62.28% of the stock is owned by institutional investors.
A number of research firms have commented on OKTA. BidaskClub raised Okta from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 12th. SunTrust Banks lifted their target price on Okta to $72.00 and gave the stock a “buy” rating in a report on Friday, September 7th. Deutsche Bank lifted their target price on Okta to $75.00 and gave the stock a “buy” rating in a report on Friday, September 7th. Robert W. Baird reissued a “hold” rating and issued a $65.00 target price on shares of Okta in a report on Thursday. Finally, Zacks Investment Research lowered Okta from a “buy” rating to a “hold” rating in a report on Thursday, November 8th. Two equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Okta currently has a consensus rating of “Buy” and an average target price of $68.80.
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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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