Okta Inc (NASDAQ:OKTA) Expected to Post Quarterly Sales of $190.56 Million

Equities analysts forecast that Okta Inc (NASDAQ:OKTA) will announce sales of $190.56 million for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Okta’s earnings, with the highest sales estimate coming in at $215.00 million and the lowest estimate coming in at $186.26 million. Okta reported sales of $140.48 million during the same quarter last year, which indicates a positive year-over-year growth rate of 35.6%. The firm is scheduled to announce its next quarterly earnings report on Wednesday, August 26th.

According to Zacks, analysts expect that Okta will report full-year sales of $791.61 million for the current fiscal year, with estimates ranging from $773.80 million to $890.00 million. For the next financial year, analysts expect that the company will post sales of $1.01 billion, with estimates ranging from $930.00 million to $1.05 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Okta.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Thursday, May 28th. The company reported ($0.07) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.17) by $0.10. Okta had a negative net margin of 33.34% and a negative return on equity of 44.99%. The company had revenue of $182.86 million for the quarter, compared to analyst estimates of $171.57 million. During the same quarter in the prior year, the business posted ($0.19) EPS. Okta’s quarterly revenue was up 46.0% on a year-over-year basis.

Several research analysts have recently commented on OKTA shares. BMO Capital Markets dropped their price target on shares of Okta from $210.00 to $205.00 and set an “outperform” rating on the stock in a research note on Friday, May 29th. BidaskClub upgraded shares of Okta from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. DA Davidson upped their price objective on shares of Okta from $140.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, May 29th. Oppenheimer upped their price objective on shares of Okta from $130.00 to $185.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. Finally, ValuEngine downgraded shares of Okta from a “buy” rating to a “hold” rating in a report on Monday, May 4th. Seven analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $181.56.

Shares of OKTA opened at $200.23 on Wednesday. The company’s fifty day moving average is $188.89 and its 200-day moving average is $144.13. Okta has a 12 month low of $88.66 and a 12 month high of $206.09. The firm has a market cap of $24.90 billion, a price-to-earnings ratio of -111.86 and a beta of 1.07. The company has a quick ratio of 2.86, a current ratio of 2.86 and a debt-to-equity ratio of 2.52.

In other news, insider Charles Race sold 50,000 shares of the firm’s stock in a transaction dated Monday, April 13th. The shares were sold at an average price of $132.45, for a total transaction of $6,622,500.00. Following the completion of the transaction, the insider now directly owns 65,401 shares of the company’s stock, valued at approximately $8,662,362.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Todd Mckinnon sold 159,641 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $198.87, for a total transaction of $31,747,805.67. Following the transaction, the chief executive officer now directly owns 90,323 shares of the company’s stock, valued at $17,962,535.01. The disclosure for this sale can be found here. Insiders have sold a total of 536,287 shares of company stock valued at $93,666,752 over the last ninety days. 12.02% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in OKTA. Norges Bank acquired a new stake in shares of Okta during the 4th quarter worth about $110,294,000. 1832 Asset Management L.P. acquired a new stake in Okta in the 1st quarter valued at about $67,392,000. Franklin Resources Inc. increased its position in Okta by 98.2% in the 1st quarter. Franklin Resources Inc. now owns 1,014,710 shares of the company’s stock valued at $124,063,000 after acquiring an additional 502,817 shares in the last quarter. Morgan Stanley increased its position in Okta by 3.7% in the 1st quarter. Morgan Stanley now owns 11,011,526 shares of the company’s stock valued at $1,346,269,000 after acquiring an additional 395,715 shares in the last quarter. Finally, Advisor Group Holdings Inc. acquired a new stake in Okta in the 1st quarter valued at about $5,493,000. Institutional investors and hedge funds own 75.57% of the company’s stock.

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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