Wall Street brokerages predict that Okta Inc (NASDAQ:OKTA) will report $107.94 million in sales for the current fiscal quarter, Zacks Investment Research reports. Ten analysts have provided estimates for Okta’s earnings. The lowest sales estimate is $107.50 million and the highest is $110.00 million. Okta posted sales of $77.75 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 38.8%. The business is scheduled to report its next earnings report after the market closes on Thursday, March 7th.
According to Zacks, analysts expect that Okta will report full year sales of $391.78 million for the current fiscal year, with estimates ranging from $391.29 million to $393.80 million. For the next fiscal year, analysts anticipate 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 calculations are a mean average based on a survey of sell-side analysts that follow Okta.
Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Wednesday, December 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.24. Okta had a negative return on equity of 48.01% and a negative net margin of 33.02%. The firm had revenue of $105.58 million during the quarter, compared to analysts’ expectations of $96.81 million.
Several research analysts recently weighed in on the company. Zacks Investment Research cut Okta from a “hold” rating to a “sell” rating in a research report on Tuesday, February 5th. BidaskClub cut Okta from a “buy” rating to a “hold” rating in a research report on Tuesday, November 13th. Guggenheim began coverage on Okta in a research report on Monday, December 10th. They set a “buy” rating and a $79.00 price objective for the company. Morgan Stanley began coverage on Okta in a research report on Monday, February 4th. They set an “equal weight” rating and a $85.00 price objective for the company. Finally, Robert W. Baird reaffirmed a “hold” rating and set a $65.00 price objective on shares of Okta in a research report on Thursday, December 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $72.39.
OKTA stock traded up $2.10 during trading on Friday, hitting $84.17. 1,278,300 shares of the company traded hands, compared to its average volume of 1,739,306. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 1.09. The stock has a market cap of $9.06 billion, a P/E ratio of -61.44 and a beta of 1.25. Okta has a 1 year low of $35.06 and a 1 year high of $87.72.
In other news, CFO William E. Losch sold 20,000 shares of the stock in a transaction that occurred on Monday, December 17th. The stock was sold at an average price of $62.07, for a total transaction of $1,241,400.00. Following the completion of the transaction, the chief financial officer now directly owns 20,000 shares of the company’s stock, valued at approximately $1,241,400. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Michael R. Kourey sold 17,500 shares of the stock in a transaction that occurred on Monday, December 17th. The stock was sold at an average price of $62.24, for a total value of $1,089,200.00. Following the transaction, the director now directly owns 11,765 shares of the company’s stock, valued at $732,253.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,408,272 shares of company stock valued at $95,470,066. Company insiders own 20.59% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. LLBH Private Wealth Management LLC increased its holdings in shares of Okta by 55.7% in the third quarter. LLBH Private Wealth Management LLC now owns 18,221 shares of the company’s stock valued at $1,282,000 after buying an additional 6,520 shares in the last quarter. Keybank National Association OH boosted its position in Okta by 2.0% during the third quarter. Keybank National Association OH now owns 68,806 shares of the company’s stock worth $4,841,000 after purchasing an additional 1,346 shares during the period. Alps Advisors Inc. bought a new position in Okta during the third quarter worth about $503,000. First American Bank bought a new position in Okta during the third quarter worth about $218,000. Finally, Gemmer Asset Management LLC boosted its position in Okta by 13.4% during the fourth quarter. Gemmer Asset Management LLC now owns 84,807 shares of the company’s stock worth $5,411,000 after purchasing an additional 10,000 shares during the period. 62.54% of the stock is owned by institutional investors and hedge funds.
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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