Okta (NASDAQ:OKTA) Releases Earnings Results, Beats Estimates By $0.29 EPS

Okta (NASDAQ:OKTA) posted its quarterly earnings results on Wednesday. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29, reports. The business had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $632.24 million. Okta had a negative net margin of 11.69% and a negative return on equity of 3.81%.

Okta Stock Performance

NASDAQ:OKTA opened at $79.51 on Friday. The company has a market capitalization of $13.38 billion, a price-to-earnings ratio of -47.61 and a beta of 1.03. The business has a 50 day moving average of $93.23 and a 200 day moving average of $95.43. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.73 and a quick ratio of 1.73. Okta has a 1-year low of $65.04 and a 1-year high of $114.50.

Insider Buying and Selling at Okta

In other news, Director Jacques Frederic Kerrest sold 18,878 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $87.19, for a total value of $1,645,972.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Larissa Schwartz sold 2,792 shares of the stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $99.40, for a total transaction of $277,524.80. Following the completion of the sale, the insider now directly owns 29,809 shares in the company, valued at approximately $2,963,014.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jacques Frederic Kerrest sold 18,878 shares of Okta stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $87.19, for a total value of $1,645,972.82. The disclosure for this sale can be found here. Insiders have sold 365,051 shares of company stock worth $34,411,773 over the last ninety days. Insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. City State Bank lifted its stake in Okta by 160.0% in the first quarter. City State Bank now owns 260 shares of the company’s stock worth $27,000 after acquiring an additional 160 shares during the period. GAMMA Investing LLC purchased a new stake in shares of Okta in the 4th quarter worth about $29,000. EverSource Wealth Advisors LLC boosted its stake in shares of Okta by 71.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after purchasing an additional 142 shares in the last quarter. Venturi Wealth Management LLC increased its position in shares of Okta by 50.4% during the first quarter. Venturi Wealth Management LLC now owns 391 shares of the company’s stock valued at $41,000 after buying an additional 131 shares during the period. Finally, First Command Advisory Services Inc. bought a new position in Okta in the second quarter worth about $47,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Analyst Upgrades and Downgrades

OKTA has been the topic of a number of research reports. UBS Group dropped their price target on Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday. Robert W. Baird lowered their target price on Okta from $108.00 to $105.00 and set an “outperform” rating on the stock in a research report on Thursday. Mizuho lifted their price target on shares of Okta from $105.00 to $110.00 and gave the company a “neutral” rating in a research report on Friday, May 17th. Guggenheim restated a “buy” rating and set a $130.00 price target on shares of Okta in a research note on Tuesday, June 25th. Finally, Piper Sandler dropped their price objective on shares of Okta from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Okta presently has an average rating of “Hold” and an average target price of $104.81.

About Okta

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.