Okta (NASDAQ:OKTA) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $(0.12)-(0.11) for the period, compared to the Thomson Reuters consensus earnings per share estimate of ($0.17). The company issued revenue guidance of $96-97 million, compared to the consensus revenue estimate of $88.96 million.Okta also updated its FY19 guidance to $(0.48)-(0.46) EPS.
Shares of OKTA traded up $0.32 during trading hours on Thursday, hitting $60.20. 3,058,872 shares of the company were exchanged, compared to its average volume of 1,956,320. The firm has a market cap of $6.59 billion, a P/E ratio of -43.19 and a beta of -0.53. Okta has a fifty-two week low of $24.50 and a fifty-two week high of $63.71. 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 (NASDAQ:OKTA) last released its earnings results on Wednesday, June 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.07. The company had revenue of $83.62 million for the quarter, compared to analyst estimates of $78.81 million. Okta had a negative return on equity of 59.95% and a negative net margin of 38.34%. Okta’s quarterly revenue was up 59.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.50) EPS. research analysts predict that Okta will post -1.21 earnings per share for the current fiscal year.
OKTA has been the topic of several analyst reports. Deutsche Bank increased their target price on Okta from $46.00 to $56.00 and gave the stock a buy rating in a report on Thursday, May 24th. KeyCorp increased their target price on Okta from $50.00 to $57.00 and gave the stock an overweight rating in a report on Thursday, May 24th. Oppenheimer increased their target price on Okta from $43.00 to $51.00 and gave the stock an outperform rating in a report on Thursday, May 24th. William Blair restated an outperform rating on shares of Okta in a research report on Thursday, May 24th. Finally, Canaccord Genuity upped their price objective on Okta from $50.00 to $55.00 and gave the stock a buy rating in a research report on Thursday, May 24th. Sixteen equities research analysts have rated the stock with a buy rating, Okta has a consensus rating of Buy and a consensus price target of $57.58.
In related news, General Counsel Jonathan T. Runyan sold 2,500 shares of the company’s stock in a transaction on Thursday, June 28th. The stock was sold at an average price of $49.61, for a total transaction of $124,025.00. Following the completion of the sale, the general counsel now directly owns 2,500 shares in the company, valued at approximately $124,025. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Jacques Frederic Kerrest sold 1,177 shares of the stock in a transaction dated Tuesday, July 17th. The shares were sold at an average price of $54.97, for a total value of $64,699.69. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 694,651 shares of company stock valued at $37,684,868. 20.59% of the stock is owned by corporate 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.
See Also: Return on Equity (ROE)
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