Okta (NASDAQ:OKTA) Updates Q3 Earnings Guidance

Okta (NASDAQ:OKTA) updated its third quarter earnings guidance on Wednesday. The company provided earnings per share guidance of $0.57-0.58 for the period, compared to the consensus earnings per share estimate of $0.55. The company issued revenue guidance of $648-650 million, compared to the consensus revenue estimate of $639.14 million. Okta also updated its FY25 guidance to $2.58-2.63 EPS.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Guggenheim reissued a buy rating and issued a $130.00 target price on shares of Okta in a report on Tuesday, June 25th. Royal Bank of Canada reissued an outperform rating and issued a $125.00 target price on shares of Okta in a report on Monday, June 17th. Wedbush reaffirmed an outperform rating and set a $130.00 price target on shares of Okta in a report on Wednesday, May 29th. JPMorgan Chase & Co. lifted their price target on Okta from $105.00 to $110.00 and gave the company a neutral rating in a report on Thursday, May 30th. Finally, Needham & Company LLC reaffirmed a buy rating and set a $130.00 price target on shares of Okta in a report on Thursday, May 30th. Nineteen equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $105.58.

Okta Price Performance

OKTA traded down $0.44 during midday trading on Wednesday, reaching $96.54. 3,708,083 shares of the company’s stock were exchanged, compared to its average volume of 1,810,852. The firm has a market capitalization of $16.24 billion, a price-to-earnings ratio of -58.07 and a beta of 1.03. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.19. Okta has a one year low of $65.04 and a one year high of $114.50. The business has a 50-day simple moving average of $93.19 and a two-hundred day simple moving average of $95.53.

Okta (NASDAQ:OKTA) last posted its earnings results on Wednesday, May 29th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.27. Okta had a negative net margin of 11.69% and a negative return on equity of 3.81%. The company had revenue of $617.00 million during the quarter, compared to analysts’ expectations of $604.33 million. As a group, research analysts predict that Okta will post -0.28 EPS for the current year.

Insider Activity

In related news, Director Jacques Frederic Kerrest sold 26,618 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $100.29, for a total value of $2,669,519.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Jacques Frederic Kerrest sold 26,618 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $100.29, for a total value of $2,669,519.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Todd Mckinnon sold 179,687 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $93.42, for a total transaction of $16,786,359.54. Following the completion of the transaction, the chief executive officer now owns 47,883 shares of the company’s stock, valued at approximately $4,473,229.86. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 365,051 shares of company stock worth $34,411,773. Insiders own 7.00% of the company’s stock.

Okta Company Profile

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.