Brokerages Expect Okta, Inc. (NASDAQ:OKTA) Will Post Quarterly Sales of $221.61 Million

Equities analysts expect Okta, Inc. (NASDAQ:OKTA) to post sales of $221.61 million for the current quarter, according to Zacks. Seven analysts have issued estimates for Okta’s earnings, with the lowest sales estimate coming in at $221.00 million and the highest estimate coming in at $222.00 million. Okta reported sales of $167.33 million during the same quarter last year, which indicates a positive year-over-year growth rate of 32.4%. The company is expected to issue its next quarterly earnings results on Thursday, March 4th.

According to Zacks, analysts expect that Okta will report full-year sales of $822.18 million for the current year, with estimates ranging from $821.68 million to $822.70 million. For the next fiscal year, analysts forecast that the firm will post sales of $1.07 billion, with estimates ranging from $1.06 billion to $1.08 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover Okta.

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

OKTA has been the subject of a number of research analyst reports. BMO Capital Markets increased their target price on shares of Okta from $228.00 to $260.00 in a report on Thursday, October 8th. The Goldman Sachs Group increased their target price on shares of Okta from $240.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, December 3rd. Canaccord Genuity increased their target price on shares of Okta from $218.00 to $250.00 and gave the company a “hold” rating in a report on Thursday, December 3rd. BidaskClub raised shares of Okta from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 23rd. Finally, Royal Bank of Canada reissued a “buy” rating and set a $255.00 price objective on shares of Okta in a research note on Sunday, November 29th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $242.55.

In related news, insider Charles Race sold 50,000 shares of Okta stock in a transaction on Friday, October 9th. The shares were sold at an average price of $237.26, for a total transaction of $11,863,000.00. Following the transaction, the insider now owns 68,638 shares in the company, valued at approximately $16,285,051.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO William E. Losch sold 30,000 shares of Okta stock in a transaction on Monday, October 12th. The shares were sold at an average price of $244.44, for a total transaction of $7,333,200.00. Following the transaction, the chief financial officer now owns 35,974 shares in the company, valued at approximately $8,793,484.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 351,649 shares of company stock worth $84,180,626. 12.02% of the stock is owned by company insiders.

Several large investors have recently bought and sold shares of the stock. HM Payson & Co. lifted its holdings in shares of Okta by 6.4% during the 3rd quarter. HM Payson & Co. now owns 5,319 shares of the company’s stock valued at $1,137,000 after acquiring an additional 319 shares in the last quarter. Wetherby Asset Management Inc. lifted its holdings in shares of Okta by 3.3% during the 3rd quarter. Wetherby Asset Management Inc. now owns 1,361 shares of the company’s stock valued at $291,000 after acquiring an additional 44 shares in the last quarter. Brinker Capital Investments LLC acquired a new position in shares of Okta during the 3rd quarter valued at $1,397,000. Codex Capital L.L.C. acquired a new position in shares of Okta during the 3rd quarter valued at $2,054,000. Finally, Eudaimonia Partners LLC acquired a new position in shares of Okta during the 3rd quarter valued at $28,000. Institutional investors and hedge funds own 64.00% of the company’s stock.

Shares of NASDAQ:OKTA opened at $254.26 on Friday. The company has a quick ratio of 4.80, a current ratio of 4.80 and a debt-to-equity ratio of 2.51. The company has a market cap of $32.92 billion, a P/E ratio of -131.74 and a beta of 1.00. Okta has a 52 week low of $88.66 and a 52 week high of $287.35. The company has a 50-day moving average price of $247.49 and a 200 day moving average price of $221.08.

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.

Read More: What is the CAC 40 Index?

Get a free copy of the Zacks research report on Okta (OKTA)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Okta (NASDAQ:OKTA)

Receive News & Ratings for Okta Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Okta and related companies with MarketBeat.com's FREE daily email newsletter.