Okta (NASDAQ:OKTA) Updates FY 2023 Earnings Guidance

Okta (NASDAQ:OKTAGet Rating) updated its FY 2023 earnings guidance on Wednesday. The company provided earnings per share guidance of -$0.73–$0.70 for the period, compared to the consensus earnings per share estimate of -$1.11. The company issued revenue guidance of $1.81 billion-$1.82 billion, compared to the consensus revenue estimate of $1.82 billion. Okta also updated its Q3 2023 guidance to -$0.25–$0.24 EPS.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on OKTA shares. Royal Bank of Canada reduced their price target on shares of Okta from $260.00 to $145.00 in a research report on Tuesday, May 31st. Canaccord Genuity Group cut shares of Okta from a buy rating to a hold rating and reduced their price target for the company from $155.00 to $85.00 in a research report on Thursday, September 1st. Guggenheim raised shares of Okta from a sell rating to a neutral rating and reduced their price target for the company from $89.00 to $65.00 in a research report on Friday, September 2nd. Mizuho reduced their price target on shares of Okta from $150.00 to $110.00 and set a buy rating for the company in a research report on Thursday, September 1st. Finally, Truist Financial reduced their price target on shares of Okta from $140.00 to $100.00 and set a hold rating for the company in a research report on Thursday, September 1st. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Okta presently has an average rating of Hold and an average price target of $115.04.

Okta Price Performance

Shares of OKTA stock traded down $1.72 during trading hours on Friday, hitting $53.54. The company’s stock had a trading volume of 80,996 shares, compared to its average volume of 7,759,419. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 0.40. The stock has a market cap of $8.51 billion, a price-to-earnings ratio of -9.06 and a beta of 1.08. The business has a fifty day moving average of $86.94 and a 200-day moving average of $106.47. Okta has a twelve month low of $55.22 and a twelve month high of $272.27.

Okta (NASDAQ:OKTAGet Rating) last announced its quarterly earnings data on Wednesday, August 31st. The company reported ($1.19) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.41) by $0.22. The business had revenue of $435.38 million for the quarter, compared to the consensus estimate of $430.66 million. Okta had a negative net margin of 57.21% and a negative return on equity of 13.18%. The company’s quarterly revenue was up 43.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.35) earnings per share. As a group, equities research analysts anticipate that Okta will post -5.15 EPS for the current year.

Insiders Place Their Bets

In other Okta news, insider Ledger Susan St. sold 30,760 shares of the stock in a transaction that occurred on Friday, September 16th. The shares were sold at an average price of $59.39, for a total transaction of $1,826,836.40. Following the transaction, the insider now owns 39,106 shares of the company’s stock, valued at $2,322,505.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, General Counsel Jonathan T. Runyan sold 3,143 shares of the firm’s stock in a transaction on Friday, September 16th. The shares were sold at an average price of $59.39, for a total value of $186,662.77. Following the transaction, the general counsel now owns 446 shares of the company’s stock, valued at approximately $26,487.94. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Ledger Susan St. sold 30,760 shares of the firm’s stock in a transaction on Friday, September 16th. The shares were sold at an average price of $59.39, for a total transaction of $1,826,836.40. Following the completion of the transaction, the insider now directly owns 39,106 shares in the company, valued at approximately $2,322,505.34. The disclosure for this sale can be found here. Insiders have sold a total of 41,168 shares of company stock valued at $2,449,229 over the last quarter. Company insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Okta

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Okta by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 13,506,847 shares of the company’s stock valued at $2,038,994,000 after purchasing an additional 264,423 shares in the last quarter. Northern Trust Corp grew its holdings in Okta by 4.8% during the 1st quarter. Northern Trust Corp now owns 967,747 shares of the company’s stock worth $146,092,000 after acquiring an additional 44,338 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Okta during the 1st quarter worth $69,245,000. Charles Schwab Investment Management Inc. grew its holdings in Okta by 2.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 456,104 shares of the company’s stock worth $68,854,000 after acquiring an additional 11,169 shares in the last quarter. Finally, Eaton Vance Management grew its holdings in Okta by 8.0% during the 1st quarter. Eaton Vance Management now owns 389,433 shares of the company’s stock worth $58,789,000 after acquiring an additional 28,735 shares in the last quarter. 75.47% of the stock is owned by institutional investors and hedge funds.

About Okta

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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 and services, 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 applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway that enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications; and Advanced Server Access to secure cloud infrastructure.

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Earnings History and Estimates for Okta (NASDAQ:OKTA)

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