Okta (NASDAQ:OKTA) Updates FY 2022 Earnings Guidance

Okta (NASDAQ:OKTA) issued an update on its FY 2022 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $-0.770-$-0.740 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $-1.110. The company issued revenue guidance of $1.24 billion-$1.25 billion, compared to the consensus revenue estimate of $1.22 billion.Okta also updated its Q3 2022 guidance to $-0.250-$-0.240 EPS.

Several research analysts have recently weighed in on OKTA shares. Truist Securities increased their price target on Okta from $260.00 to $300.00 and gave the stock a buy rating in a research note on Thursday, September 2nd. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Okta from $265.00 to $270.00 and gave the stock a buy rating in a research note on Friday, September 3rd. Truist raised their price objective on shares of Okta from $260.00 to $300.00 and gave the stock a buy rating in a report on Thursday, September 2nd. TheStreet raised shares of Okta from a d+ rating to a c- rating in a report on Tuesday, September 7th. Finally, The Goldman Sachs Group raised their price target on Okta from $290.00 to $300.00 and gave the stock a buy rating in a report on Thursday, September 2nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Buy and a consensus price target of $289.67.

Shares of NASDAQ:OKTA traded down $1.20 on Wednesday, hitting $252.09. The company had a trading volume of 14,411 shares, compared to its average volume of 1,722,815. The firm’s 50-day simple moving average is $248.89 and its two-hundred day simple moving average is $241.38. The firm has a market capitalization of $38.99 billion, a price-to-earnings ratio of -66.12 and a beta of 0.97. The company has a quick ratio of 3.15, a current ratio of 3.15 and a debt-to-equity ratio of 0.29. Okta has a 1 year low of $185.05 and a 1 year high of $294.00.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Tuesday, August 31st. The company reported ($0.11) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.35) by $0.24. Okta had a negative return on equity of 18.64% and a negative net margin of 52.47%. The business had revenue of $316.00 million for the quarter, compared to analysts’ expectations of $293.16 million. During the same period in the previous year, the firm posted $0.07 EPS. The business’s revenue was up 57.7% on a year-over-year basis. Equities research analysts anticipate that Okta will post -4.8 EPS for the current year.

In other news, Director Benjamin A. Horowitz sold 80,000 shares of the stock in a transaction that occurred on Tuesday, July 6th. The shares were sold at an average price of $247.94, for a total transaction of $19,835,200.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert L. Dixon, Jr. sold 800 shares of the business’s stock in a transaction that occurred on Thursday, September 9th. The stock was sold at an average price of $263.45, for a total transaction of $210,760.00. The disclosure for this sale can be found here. Insiders sold a total of 200,373 shares of company stock worth $50,356,464 over the last ninety days. Insiders own 9.60% of the company’s stock.

Okta Company Profile

Okta, Inc engages in the provision of identity management platform for the enterprise. It operates through United States and International geographical segments. The firm’s products include single sign-on, multi factor authentication, API access management, authentication, user management, and lifecycle management.

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Earnings History and Estimates for Okta (NASDAQ:OKTA)

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