Okta (NASDAQ:OKTA) Updates FY 2023 Earnings Guidance

Okta (NASDAQ:OKTAGet Rating) issued an update on its FY 2023 earnings guidance on Thursday morning. The company provided earnings per share guidance of -$1.14–$1.11 for the period, compared to the consensus earnings per share estimate of -$1.25. The company issued revenue guidance of $1.80 billion-$1.81 billion, compared to the consensus revenue estimate of $1.78 billion. Okta also updated its Q2 2023 guidance to -$0.32–$0.31 EPS.

Okta stock opened at $86.02 on Thursday. Okta has a twelve month low of $77.01 and a twelve month high of $276.30. The company has a current ratio of 2.45, a quick ratio of 2.45 and a debt-to-equity ratio of 0.40. The company has a 50 day moving average of $101.88 and a 200-day moving average of $156.86.

Okta (NASDAQ:OKTAGet Rating) last released its quarterly earnings results on Thursday, June 2nd. The company reported ($0.27) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.07. The company had revenue of $414.94 million during the quarter, compared to analysts’ expectations of $388.77 million. Okta had a negative net margin of 67.06% and a negative return on equity of 13.13%. The business’s quarterly revenue was up 65.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.59) earnings per share. As a group, analysts anticipate that Okta will post -5.57 EPS for the current fiscal year.

Several research analysts recently commented on OKTA shares. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Okta from $195.00 to $130.00 in a report on Friday, June 3rd. Robert W. Baird reduced their target price on shares of Okta from $195.00 to $125.00 and set a neutral rating for the company in a report on Friday, June 3rd. Truist Financial cut shares of Okta from a buy rating to a hold rating and reduced their target price for the stock from $270.00 to $170.00 in a report on Tuesday, March 22nd. DA Davidson increased their target price on shares of Okta from $125.00 to $140.00 and gave the stock a buy rating in a report on Friday, June 3rd. Finally, Citigroup increased their target price on shares of Okta from $105.00 to $130.00 in a report on Friday, June 3rd. Seven equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $180.70.

In related news, insider Ledger Susan St. sold 2,660 shares of the firm’s stock in a transaction dated Thursday, June 16th. The shares were sold at an average price of $79.97, for a total transaction of $212,720.20. Following the transaction, the insider now directly owns 36,641 shares of the company’s stock, valued at $2,930,180.77. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Christopher K. Kramer sold 831 shares of the firm’s stock in a transaction dated Thursday, June 16th. The stock was sold at an average price of $79.97, for a total transaction of $66,455.07. Following the transaction, the chief accounting officer now directly owns 14,316 shares in the company, valued at $1,144,850.52. The disclosure for this sale can be found here. Insiders sold 16,442 shares of company stock worth $1,318,711 over the last three months. Insiders own 7.60% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Prudential PLC bought a new position in Okta during the first quarter worth about $245,000. XTX Topco Ltd acquired a new stake in Okta during the first quarter worth about $247,000. High Net Worth Advisory Group LLC grew its stake in Okta by 35.2% during the first quarter. High Net Worth Advisory Group LLC now owns 1,690 shares of the company’s stock worth $255,000 after buying an additional 440 shares in the last quarter. Toroso Investments LLC grew its stake in Okta by 10.1% during the first quarter. Toroso Investments LLC now owns 1,717 shares of the company’s stock worth $259,000 after buying an additional 157 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board acquired a new stake in Okta during the first quarter worth about $284,000. 76.18% of the stock is currently owned by institutional investors and hedge funds.

Okta Company Profile (Get Rating)

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.

See Also

Earnings History and Estimates for Okta (NASDAQ:OKTA)

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