Okta (OKTA) Trading Up 19.5% Following Strong Earnings

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Okta Inc (NASDAQ:OKTA) shares traded up 19.5% during trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $75.00 and last traded at $71.92. 10,911,472 shares changed hands during trading, an increase of 443% from the average session volume of 2,008,929 shares. The stock had previously closed at $60.20.

The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.21. The firm had revenue of $94.59 million for the quarter, compared to the consensus estimate of $85.00 million. Okta had a negative return on equity of 59.95% and a negative net margin of 38.34%. The firm’s quarterly revenue was up 57.0% compared to the same quarter last year. During the same quarter last year, the business posted ($0.16) EPS.

A number of research analysts recently issued reports on the company. Oppenheimer raised their price target on Okta from $60.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday. Monness Crespi & Hardt raised their price target on Okta from $62.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday. Canaccord Genuity restated a “buy” rating and set a $75.00 price target (up previously from $60.00) on shares of Okta in a research note on Friday. SunTrust Banks raised their price target on Okta to $72.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Needham & Company LLC raised their price target on Okta from $58.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday. Seventeen analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and an average price target of $68.62.

In other Okta news, COO Jacques Frederic Kerrest sold 339,797 shares of the stock in a transaction that occurred on Wednesday, June 13th. The stock was sold at an average price of $52.94, for a total transaction of $17,988,853.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Jonathan T. Runyan sold 2,500 shares of the stock in a transaction that occurred on Thursday, June 28th. The stock was sold at an average price of $49.61, for a total value of $124,025.00. Following the sale, the general counsel now directly owns 2,500 shares of the company’s stock, valued at $124,025. The disclosure for this sale can be found here. Insiders have sold a total of 694,651 shares of company stock valued at $37,684,868 over the last ninety days. 20.59% of the stock is owned by insiders.

A number of institutional investors have recently bought and sold shares of OKTA. First Trust Advisors LP acquired a new stake in Okta during the 2nd quarter worth approximately $115,170,000. Alkeon Capital Management LLC lifted its position in Okta by 7,191.6% during the 1st quarter. Alkeon Capital Management LLC now owns 1,822,900 shares of the company’s stock worth $72,643,000 after acquiring an additional 1,797,900 shares during the period. FMR LLC lifted its position in Okta by 28.9% during the 2nd quarter. FMR LLC now owns 7,078,025 shares of the company’s stock worth $356,520,000 after acquiring an additional 1,585,500 shares during the period. BlackRock Inc. lifted its position in Okta by 66.0% during the 2nd quarter. BlackRock Inc. now owns 3,802,964 shares of the company’s stock worth $191,555,000 after acquiring an additional 1,512,528 shares during the period. Finally, Gilder Gagnon Howe & Co. LLC lifted its position in Okta by 113.5% during the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 1,626,913 shares of the company’s stock worth $81,948,000 after acquiring an additional 864,933 shares during the period. 60.19% of the stock is owned by institutional investors.

The company has a quick ratio of 3.14, a current ratio of 3.13 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $6.38 billion, a price-to-earnings ratio of -52.89 and a beta of -0.53.

About Okta (NASDAQ: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 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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