Okta, Inc. Expected to Post FY2018 Earnings of ($0.86) Per Share (OKTA)
Okta, Inc. (NASDAQ:OKTA) – Stock analysts at KeyCorp upped their FY2018 earnings per share estimates for Okta in a research note issued to investors on Wednesday. KeyCorp analyst R. Owens now forecasts that the company will post earnings of ($0.86) per share for the year, up from their previous forecast of ($0.95). KeyCorp currently has a “Buy” rating and a $35.00 price target on the stock. KeyCorp also issued estimates for Okta’s Q4 2018 earnings at ($0.17) EPS, Q2 2019 earnings at ($0.22) EPS, Q3 2019 earnings at ($0.18) EPS, Q4 2019 earnings at ($0.17) EPS and FY2019 earnings at ($0.79) EPS.
Several other analysts have also recently issued reports on the company. Zacks Investment Research raised Okta from a “hold” rating to a “buy” rating and set a $33.00 target price on the stock in a research report on Thursday, September 14th. William Blair initiated coverage on Okta in a research report on Wednesday, October 4th. They issued an “outperform” rating for the company. SunTrust Banks initiated coverage on Okta in a research report on Friday, October 27th. They issued a “buy” rating and a $36.00 price objective for the company. Canaccord Genuity reissued a “hold” rating and issued a $27.00 price objective on shares of Okta in a research report on Wednesday, August 30th. Finally, Oppenheimer reissued a “buy” rating and issued a $34.00 price objective on shares of Okta in a research report on Thursday. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $33.00.
Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Thursday, September 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.03). Okta had a negative net margin of 46.70% and a negative return on equity of 169.65%. The company had revenue of $61.00 million during the quarter, compared to the consensus estimate of $55.90 million. The firm’s revenue for the quarter was up 63.1% on a year-over-year basis.
In other Okta news, COO Jacques Frederic Kerrest sold 122,504 shares of Okta stock in a transaction dated Thursday, October 12th. The stock was sold at an average price of $28.59, for a total transaction of $3,502,389.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO William E. Losch sold 2,600 shares of Okta stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $30.00, for a total value of $78,000.00. Following the transaction, the chief financial officer now owns 2,400 shares of the company’s stock, valued at approximately $72,000. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,366,929 shares of company stock valued at $38,816,391.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allen Operations LLC purchased a new position in shares of Okta in the 2nd quarter valued at about $1,656,000. JPMorgan Chase & Co. purchased a new stake in Okta during the 2nd quarter worth approximately $21,855,000. Capital World Investors purchased a new stake in Okta during the 2nd quarter worth approximately $11,400,000. Crawford Lake Capital Management LLC purchased a new stake in Okta during the 2nd quarter worth approximately $1,230,000. Finally, Bamco Inc. NY purchased a new stake in Okta during the 2nd quarter worth approximately $914,000. Institutional investors and hedge funds own 14.33% of the company’s stock.
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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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