Okta, Inc. (NASDAQ:OKTA) Expected to Post Quarterly Sales of $55.88 Million
Wall Street analysts expect Okta, Inc. (NASDAQ:OKTA) to report $55.88 million in sales for the current quarter, Zacks reports. Two analysts have provided estimates for Okta’s earnings. The lowest sales estimate is $55.75 million and the highest is $56.00 million. The firm is scheduled to issue its next quarterly earnings results after the market closes on Thursday, September 7th.
According to Zacks, analysts expect that Okta will report full year sales of $55.88 million for the current financial year, with estimates ranging from $235.05 million to $236.01 million. For the next year, analysts anticipate that the business will post sales of $320.90 million per share, with estimates ranging from $318.30 million to $323.49 million. Zacks’ sales calculations are an average based on a survey of analysts that follow Okta.
Okta (NASDAQ:OKTA) last released its quarterly earnings data on Wednesday, June 7th. The company reported ($0.50) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.61) by $0.11. The business had revenue of $53 million for the quarter, compared to the consensus estimate of $48.23 million. The company’s revenue was up 66.7% compared to the same quarter last year.
A number of brokerages recently weighed in on OKTA. Pacific Crest began coverage on shares of Okta in a report on Tuesday, May 2nd. They issued an “overweight” rating and a $32.00 price objective for the company. Canaccord Genuity restated a “hold” rating and issued a $27.00 price objective on shares of Okta in a report on Friday, June 9th. JMP Securities began coverage on shares of Okta in a report on Tuesday, May 2nd. They issued a “market perform” rating for the company. J P Morgan Chase & Co began coverage on shares of Okta in a report on Tuesday, May 2nd. They issued an “overweight” rating and a $33.00 price objective for the company. Finally, Goldman Sachs Group, Inc. (The) began coverage on shares of Okta in a report on Tuesday, May 2nd. They issued a “neutral” rating for the company. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Okta presently has an average rating of “Buy” and an average price target of $29.50.
Several hedge funds and other institutional investors have recently made changes to their positions in OKTA. American Century Companies Inc. acquired a new position in shares of Okta during the second quarter worth $201,000. Rhumbline Advisers acquired a new position in shares of Okta during the second quarter worth $290,000. Schwab Charles Investment Management Inc. acquired a new position in shares of Okta during the second quarter worth $418,000. Bank of New York Mellon Corp acquired a new position in shares of Okta during the second quarter worth $777,000. Finally, Victory Capital Management Inc. acquired a new position in shares of Okta during the second quarter worth $1,203,000. Hedge funds and other institutional investors own 14.34% of the company’s stock.
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Okta (NASDAQ:OKTA) traded up 0.7568% during trading on Tuesday, hitting $23.6174. 40,087 shares of the stock were exchanged. Okta has a 12 month low of $21.52 and a 12 month high of $28.25. The stock’s market cap is $2.25 billion. The stock’s 50 day moving average price is $23.37 and its 200 day moving average price is $24.02.
Okta Company Profile
Okta, Inc is a United States-based independent provider of identity for the enterprise. The Company’s Okta Identity Cloud connects and protects employees. It also connects enterprises to their partners, suppliers and customers. The Company offers products, such as Okta information technology (IT) Products and Okta for Developers.
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