Okta (NASDAQ:OKTA) Releases Q2 2023 Earnings Guidance

Okta (NASDAQ:OKTAGet Rating) issued an update on its second quarter 2023 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of -$0.32–$0.31 for the period, compared to the consensus estimate of -$0.33. The company issued revenue guidance of $428.00 million-$430.00 million, compared to the consensus revenue estimate of $422.25 million. Okta also updated its FY 2023 guidance to -$1.14–$1.11 EPS.

Shares of NASDAQ:OKTA traded up $6.34 during trading on Thursday, hitting $92.36. The company had a trading volume of 59,619 shares, compared to its average volume of 3,927,138. The stock has a market cap of $14.57 billion, a price-to-earnings ratio of -13.46 and a beta of 1.18. Okta has a one year low of $77.01 and a one year high of $276.30. The company has a fifty day simple moving average of $101.88 and a two-hundred day simple moving average of $156.86. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.45 and a quick ratio of 2.45.

Okta (NASDAQ:OKTAGet Rating) last posted its quarterly earnings data on Thursday, June 2nd. The company reported ($0.27) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.34) by $0.07. Okta had a negative return on equity of 13.13% and a negative net margin of 67.06%. The business had revenue of $414.94 million during the quarter, compared to analyst estimates of $388.77 million. During the same period last year, the company earned ($0.59) EPS. The company’s revenue for the quarter was up 65.3% on a year-over-year basis. On average, equities research analysts anticipate that Okta will post -5.57 earnings per share for the current year.

A number of equities research analysts recently issued reports on the company. Summit Insights reissued a buy rating on shares of Okta in a research note on Thursday, June 2nd. Raymond James lowered Okta from an outperform rating to a market perform rating in a research note on Wednesday, March 23rd. Royal Bank of Canada decreased their price target on Okta from $260.00 to $145.00 in a research note on Tuesday, May 31st. Piper Sandler decreased their target price on Okta from $270.00 to $150.00 and set an overweight rating for the company in a research report on Friday, June 3rd. Finally, Stephens started coverage on Okta in a research report on Friday, June 3rd. They set a buy rating and a $145.00 target price for the company. Seven research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $180.70.

In other Okta news, insider Ledger Susan St. sold 2,660 shares of Okta stock in a transaction dated Thursday, June 16th. The stock was sold at an average price of $79.97, for a total transaction of $212,720.20. Following the completion of the sale, the insider now owns 36,641 shares of the company’s stock, valued at approximately $2,930,180.77. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Christopher K. Kramer sold 831 shares of Okta stock in a transaction dated Thursday, June 16th. The stock was sold at an average price of $79.97, for a total value of $66,455.07. Following the sale, the chief accounting officer now directly owns 14,316 shares of the company’s stock, valued at approximately $1,144,850.52. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,442 shares of company stock worth $1,318,711. 7.60% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Toroso Investments LLC lifted its holdings in shares of Okta by 10.1% in the 1st quarter. Toroso Investments LLC now owns 1,717 shares of the company’s stock valued at $259,000 after buying an additional 157 shares during the period. Worldquant Millennium Advisors LLC acquired a new position in shares of Okta in the 1st quarter valued at about $15,625,000. Wealthfront Advisers LLC acquired a new position in shares of Okta in the 1st quarter valued at about $293,000. Virtu Financial LLC acquired a new position in shares of Okta in the 1st quarter valued at about $1,291,000. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Okta by 5.4% in the 1st quarter. Advisors Asset Management Inc. now owns 9,201 shares of the company’s stock valued at $1,389,000 after buying an additional 472 shares during the period. 76.18% of the stock is owned by institutional investors.

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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