Okta (OKTA) Releases FY19 Earnings Guidance

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Okta (NASDAQ:OKTA) updated its FY19 earnings guidance on Thursday. The company provided earnings per share guidance of $(0.48)-(0.46) for the period, compared to the Thomson Reuters consensus earnings per share estimate of ($0.56). The company issued revenue guidance of $372-375 million, compared to the consensus revenue estimate of $357.15 million.Okta also updated its Q3 guidance to $(0.12)-(0.11) EPS.

Several research firms have recently issued reports on OKTA. BidaskClub raised shares of Okta from a hold rating to a buy rating in a research note on Saturday, August 25th. Zacks Investment Research upgraded shares of Okta from a hold rating to a buy rating and set a $61.00 price target for the company in a research report on Wednesday, July 18th. Summit Insights upgraded shares of Okta from a hold rating to a buy rating in a report on Tuesday, July 10th. Needham & Company LLC upgraded shares of Okta from a hold rating to a buy rating and set a $58.00 price target for the company in a report on Wednesday, June 27th. They noted that the move was a valuation call. Finally, Oppenheimer increased their price objective on shares of Okta from $51.00 to $60.00 and gave the stock an outperform rating in a research report on Thursday, June 7th. Sixteen research analysts have rated the stock with a buy rating, Okta has an average rating of Buy and a consensus target price of $57.58.

OKTA stock traded up $0.32 on Thursday, hitting $60.20. 3,072,878 shares of the company were exchanged, compared to its average volume of 1,956,372. The company has a debt-to-equity ratio of 1.04, a quick ratio of 3.14 and a current ratio of 3.13. Okta has a twelve month low of $24.50 and a twelve month high of $63.71. The firm has a market capitalization of $6.59 billion, a price-to-earnings ratio of -43.19 and a beta of -0.53.

Okta (NASDAQ:OKTA) last announced its earnings results on Wednesday, June 6th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.07. The business had revenue of $83.62 million during the quarter, compared to the consensus estimate of $78.81 million. Okta had a negative net margin of 38.34% and a negative return on equity of 59.95%. The business’s quarterly revenue was up 59.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.50) earnings per share. equities analysts forecast that Okta will post -1.21 EPS for the current fiscal year.

In other Okta news, General Counsel Jonathan T. Runyan sold 47,500 shares of the firm’s stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $60.14, for a total transaction of $2,856,650.00. Following the transaction, the general counsel now owns 8,481 shares of the company’s stock, valued at approximately $510,047.34. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Jonathan T. Runyan sold 2,500 shares of the firm’s stock in a transaction dated Thursday, June 28th. The shares were sold at an average price of $49.61, for a total transaction of $124,025.00. Following the transaction, the general counsel now directly owns 2,500 shares in the company, valued at approximately $124,025. The disclosure for this sale can be found here. Insiders have sold a total of 694,651 shares of company stock worth $37,684,868 over the last quarter. 20.59% of the stock is currently owned by insiders.

Okta Company Profile

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 Web and mobile applications, and data of organization; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; and Mobility Management, which simplifies and automates mobile device administration and provisioning across phones, tablets, and laptops.

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Earnings History and Estimates for Okta (NASDAQ:OKTA)

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