Okta, Inc. (NASDAQ:OKTA) Expected to Post Quarterly Sales of $221.57 Million

Brokerages predict that Okta, Inc. (NASDAQ:OKTA) will report sales of $221.57 million for the current fiscal quarter, according to Zacks. Seven analysts have provided estimates for Okta’s earnings. The lowest sales estimate is $221.00 million and the highest is $222.00 million. Okta posted sales of $167.33 million in the same quarter last year, which suggests a positive year over year growth rate of 32.4%. The company is expected to issue its next quarterly earnings results after the market closes on Wednesday, March 3rd.

According to Zacks, analysts expect that Okta will report full year sales of $822.22 million for the current fiscal year, with estimates ranging from $821.68 million to $822.70 million. For the next financial year, analysts anticipate that the business will post sales of $1.07 billion, with estimates ranging from $1.06 billion to $1.08 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Okta.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Tuesday, December 1st. The company reported $0.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.05. The business had revenue of $217.40 million during the quarter, compared to analysts’ expectations of $203.15 million. Okta had a negative net margin of 31.38% and a negative return on equity of 31.29%. Okta’s revenue for the quarter was up 42.1% on a year-over-year basis. During the same period in the previous year, the company earned ($0.07) earnings per share.

Several research firms recently commented on OKTA. The Goldman Sachs Group upped their target price on shares of Okta from $240.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, December 3rd. Piper Sandler cut shares of Okta from an “overweight” rating to a “neutral” rating and set a $250.00 target price for the company. in a research note on Monday, January 4th. DA Davidson upped their target price on shares of Okta from $250.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, December 4th. Morgan Stanley upped their target price on shares of Okta from $250.00 to $275.00 and gave the company an “equal weight” rating in a research note on Friday, January 8th. Finally, Royal Bank of Canada reissued a “buy” rating and issued a $255.00 price target on shares of Okta in a report on Sunday, November 29th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $251.14.

In other news, CAO Christopher K. Kramer sold 940 shares of the company’s stock in a transaction dated Friday, January 15th. The shares were sold at an average price of $260.99, for a total value of $245,330.60. Following the sale, the chief accounting officer now owns 6,089 shares of the company’s stock, valued at approximately $1,589,168.11. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Christopher K. Kramer sold 1,378 shares of the company’s stock in a transaction dated Wednesday, December 16th. The stock was sold at an average price of $258.91, for a total transaction of $356,777.98. Following the completion of the sale, the chief accounting officer now directly owns 6,369 shares in the company, valued at approximately $1,648,997.79. The disclosure for this sale can be found here. In the last ninety days, insiders sold 246,650 shares of company stock worth $61,793,057. 12.02% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sands Capital Management LLC lifted its position in Okta by 1.8% during the 3rd quarter. Sands Capital Management LLC now owns 1,872,524 shares of the company’s stock worth $400,439,000 after buying an additional 33,457 shares in the last quarter. Scge Management L.P. lifted its position in Okta by 2.4% during the 3rd quarter. Scge Management L.P. now owns 1,562,019 shares of the company’s stock worth $334,038,000 after buying an additional 37,019 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in Okta by 50.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 914,868 shares of the company’s stock worth $195,644,000 after buying an additional 306,924 shares in the last quarter. Northern Trust Corp lifted its position in Okta by 1.8% during the 4th quarter. Northern Trust Corp now owns 759,771 shares of the company’s stock worth $193,179,000 after buying an additional 13,403 shares in the last quarter. Finally, Neuberger Berman Group LLC lifted its position in Okta by 137.2% during the 3rd quarter. Neuberger Berman Group LLC now owns 709,204 shares of the company’s stock worth $151,663,000 after buying an additional 410,210 shares in the last quarter. Institutional investors and hedge funds own 75.77% of the company’s stock.

NASDAQ:OKTA traded down $3.89 during trading hours on Tuesday, hitting $270.58. 1,386,877 shares of the company traded hands, compared to its average volume of 1,160,551. The stock has a market capitalization of $35.03 billion, a price-to-earnings ratio of -138.21 and a beta of 0.99. Okta has a twelve month low of $88.66 and a twelve month high of $294.00. The firm has a 50-day moving average of $267.94 and a 200 day moving average of $236.86. The company has a current ratio of 4.80, a quick ratio of 4.80 and a debt-to-equity ratio of 2.51.

About Okta

Okta, Inc provides identity management platforms 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; and 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.

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Earnings History and Estimates for Okta (NASDAQ:OKTA)

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