Okta, Inc. (OKTA) Releases Earnings Results, Misses Estimates By $0.03 EPS
Okta, Inc. (NASDAQ:OKTA) issued its quarterly earnings results on Thursday. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by $0.03, Morningstar.com reports. The firm had revenue of $61 million for the quarter, compared to the consensus estimate of $55.90 million. The company’s revenue for the quarter was up 63.1% on a year-over-year basis. Okta updated its Q3 guidance to ($0.24)-(0.25) EPS and its FY18 guidance to ($0.98-0.95) EPS.
Okta (OKTA) opened at 27.12 on Friday. The company has a 50-day moving average of $24.33 and a 200 day moving average of $24.20. The firm’s market cap is $2.58 billion. Okta has a 12-month low of $21.52 and a 12-month high of $28.25.
A number of equities analysts have recently commented on OKTA shares. Canaccord Genuity reiterated a “hold” rating and set a $27.00 price target on shares of Okta in a report on Friday, June 9th. Pacific Crest reiterated an “outperform” rating and set a $32.00 price target on shares of Okta in a report on Monday, June 12th. Zacks Investment Research upgraded shares of Okta from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a report on Wednesday, July 5th. Finally, KeyCorp reiterated a “buy” rating on shares of Okta in a report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $30.60.
Institutional investors and hedge funds have recently made changes to their positions in the business. Quantbot Technologies LP purchased a new stake in Okta during the 2nd quarter valued at $101,000. CI Investments Inc. purchased a new stake in Okta during the 2nd quarter valued at $171,000. American Century Companies Inc. purchased a new stake in Okta during the 2nd quarter valued at $201,000. Pacad Investment Ltd. purchased a new stake in Okta during the 2nd quarter valued at $207,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Okta during the 2nd quarter valued at $219,000. 15.07% of the stock is owned by institutional investors and hedge funds.
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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