Okta (NASDAQ:OKTA) Announces Quarterly Earnings Results, Beats Estimates By $0.05 EPS

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Okta (NASDAQ:OKTA) announced its quarterly earnings results on Thursday. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.05, Briefing.com reports. Okta had a negative net margin of 31.90% and a negative return on equity of 53.93%. The firm had revenue of $153.04 million for the quarter, compared to analysts’ expectations of $143.88 million. During the same period in the previous year, the company posted ($0.04) earnings per share. Okta’s revenue was up 45.0% compared to the same quarter last year. Okta updated its Q4 guidance to $(0.05)-(0.04) EPS.

OKTA stock opened at $118.31 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.57. Okta has a 52-week low of $52.05 and a 52-week high of $141.85. The stock’s 50 day moving average is $115.21 and its two-hundred day moving average is $120.64. The company has a market capitalization of $13.81 billion, a PE ratio of -114.86 and a beta of 1.07.

A number of equities analysts have recently commented on OKTA shares. DA Davidson raised shares of Okta from a “neutral” rating to a “buy” rating and raised their target price for the company from $131.00 to $135.00 in a research note on Monday, November 18th. Zacks Investment Research cut shares of Okta from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Robert W. Baird reissued a “hold” rating and issued a $135.00 price objective on shares of Okta in a research report on Friday. BMO Capital Markets restated a “market perform” rating and set a $135.00 price objective (down previously from $155.00) on shares of Okta in a research note on Friday. They noted that the move was a valuation call. Finally, Canaccord Genuity boosted their price target on Okta from $120.00 to $125.00 and gave the stock a “hold” rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eleven have given a buy rating to the company. Okta currently has a consensus rating of “Hold” and an average target price of $133.72.

In other news, CFO William E. Losch sold 21,108 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $102.73, for a total transaction of $2,168,424.84. Following the completion of the sale, the chief financial officer now owns 12,572 shares of the company’s stock, valued at $1,291,521.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Jonathan T. Runyan sold 707 shares of Okta stock in a transaction on Monday, September 16th. The stock was sold at an average price of $102.57, for a total transaction of $72,516.99. Following the completion of the sale, the general counsel now owns 1,406 shares of the company’s stock, valued at approximately $144,213.42. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 366,789 shares of company stock worth $42,945,628. 14.69% of the stock is currently owned by corporate insiders.

About Okta

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 to manage and secure identities, 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 their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.

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Earnings History for Okta (NASDAQ:OKTA)

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