Okta Inc (NASDAQ:OKTA) Expected to Announce Quarterly Sales of $172.10 Million

Equities research analysts expect Okta Inc (NASDAQ:OKTA) to report $172.10 million in sales for the current quarter, Zacks reports. Seven analysts have issued estimates for Okta’s earnings, with the lowest sales estimate coming in at $171.19 million and the highest estimate coming in at $173.00 million. Okta reported sales of $125.22 million in the same quarter last year, which indicates a positive year-over-year growth rate of 37.4%. The company is scheduled to report its next quarterly earnings results after the market closes on Thursday, May 28th.

On average, analysts expect that Okta will report full-year sales of $776.24 million for the current fiscal year, with estimates ranging from $771.59 million to $780.00 million. For the next fiscal year, analysts expect that the company will post sales of $990.25 million, with estimates ranging from $930.00 million to $1.03 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Okta.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Thursday, March 5th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.04. The company had revenue of $167.33 million for the quarter, compared to the consensus estimate of $155.83 million. Okta had a negative return on equity of 50.48% and a negative net margin of 35.65%. The firm’s revenue for the quarter was up 44.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.04) earnings per share.

Several brokerages have recently issued reports on OKTA. Goldman Sachs Group raised their price objective on Okta from $144.00 to $158.00 and gave the stock a “buy” rating in a research note on Friday, March 6th. JPMorgan Chase & Co. raised their price objective on Okta from $151.00 to $154.00 and gave the stock an “overweight” rating in a research note on Thursday, April 2nd. Canaccord Genuity reduced their price objective on Okta from $125.00 to $120.00 and set a “hold” rating for the company in a research note on Thursday, April 2nd. ValuEngine cut Okta from a “buy” rating to a “hold” rating in a research note on Monday, May 4th. Finally, Piper Sandler raised their price objective on Okta from $140.00 to $145.00 in a research note on Friday, March 6th. Seven research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $149.84.

In other Okta news, Director Benjamin A. Horowitz sold 37,878 shares of the business’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $111.48, for a total transaction of $4,222,639.44. Following the transaction, the director now owns 15,735 shares of the company’s stock, valued at $1,754,137.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO William E. Losch sold 30,000 shares of the business’s stock in a transaction on Monday, April 13th. The stock was sold at an average price of $133.21, for a total value of $3,996,300.00. Following the transaction, the chief financial officer now directly owns 46,726 shares in the company, valued at approximately $6,224,370.46. The disclosure for this sale can be found here. Insiders sold 347,486 shares of company stock worth $47,993,602 over the last ninety days. Corporate insiders own 12.02% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OKTA. Harwood Advisory Group LLC acquired a new position in shares of Okta in the 1st quarter valued at $30,000. TCI Wealth Advisors Inc. lifted its stake in shares of Okta by 5,160.0% in the 4th quarter. TCI Wealth Advisors Inc. now owns 263 shares of the company’s stock valued at $30,000 after purchasing an additional 258 shares during the last quarter. Lindbrook Capital LLC lifted its stake in shares of Okta by 62.0% in the 1st quarter. Lindbrook Capital LLC now owns 324 shares of the company’s stock valued at $40,000 after purchasing an additional 124 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in shares of Okta by 644.9% in the 1st quarter. Exchange Traded Concepts LLC now owns 365 shares of the company’s stock valued at $45,000 after purchasing an additional 316 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its stake in shares of Okta by 90.8% in the 1st quarter. Meeder Asset Management Inc. now owns 393 shares of the company’s stock valued at $48,000 after purchasing an additional 187 shares during the last quarter. 73.46% of the stock is currently owned by institutional investors.

NASDAQ OKTA traded up $4.75 during trading on Monday, hitting $192.49. The company’s stock had a trading volume of 1,285,614 shares, compared to its average volume of 1,529,391. The company has a debt-to-equity ratio of 2.45, a current ratio of 2.92 and a quick ratio of 2.92. The company has a market cap of $23.05 billion, a PE ratio of -108.14 and a beta of 0.99. The business’s 50 day simple moving average is $152.09 and its 200-day simple moving average is $130.15. Okta has a fifty-two week low of $88.66 and a fifty-two week high of $192.95.

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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