Okta, Inc. (NASDAQ:OKTA) Expected to Announce Quarterly Sales of $327.33 Million

Wall Street analysts forecast that Okta, Inc. (NASDAQ:OKTA) will announce sales of $327.33 million for the current quarter, according to Zacks. Ten analysts have made estimates for Okta’s earnings, with the highest sales estimate coming in at $336.00 million and the lowest estimate coming in at $326.00 million. Okta reported sales of $217.38 million during the same quarter last year, which would suggest a positive year over year growth rate of 50.6%. The company is scheduled to announce its next earnings results on Wednesday, December 1st.

According to Zacks, analysts expect that Okta will report full-year sales of $1.25 billion for the current financial year, with estimates ranging from $1.25 billion to $1.26 billion. For the next year, analysts expect that the firm will report sales of $1.73 billion, with estimates ranging from $1.67 billion to $1.86 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that that provide coverage for Okta.

Okta (NASDAQ:OKTA) last posted its earnings results on Tuesday, August 31st. The company reported ($0.11) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.35) by $0.24. The company had revenue of $316.00 million for the quarter, compared to the consensus estimate of $293.16 million. Okta had a negative return on equity of 18.64% and a negative net margin of 52.47%. Okta’s quarterly revenue was up 57.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.07 earnings per share.

A number of analysts have commented on OKTA shares. Wolfe Research initiated coverage on Okta in a research report on Friday, August 6th. They set an “outperform” rating and a $295.00 target price on the stock. JPMorgan Chase & Co. upped their price objective on Okta from $235.00 to $245.00 and gave the company a “neutral” rating in a research report on Thursday, May 27th. Needham & Company LLC upgraded Okta from a “hold” rating to a “buy” rating and set a $320.00 price objective on the stock in a research report on Thursday, September 2nd. They noted that the move was a valuation call. Mizuho upped their price objective on Okta from $275.00 to $290.00 and gave the company a “neutral” rating in a research report on Thursday, September 2nd. Finally, BTIG Research upped their price objective on Okta from $280.00 to $302.00 and gave the company a “buy” rating in a research report on Thursday, September 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $289.67.

OKTA traded up $0.29 during trading on Wednesday, reaching $253.58. 1,276,122 shares of the stock were exchanged, compared to its average volume of 1,720,267. The business’s 50 day moving average price is $248.89 and its two-hundred day moving average price is $241.38. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.15 and a quick ratio of 3.15. The company has a market capitalization of $39.22 billion, a price-to-earnings ratio of -66.80 and a beta of 0.97. Okta has a 1 year low of $185.05 and a 1 year high of $294.00.

In related news, CEO Todd Mckinnon sold 18,474 shares of the stock in a transaction dated Monday, June 21st. The stock was sold at an average price of $235.56, for a total value of $4,351,735.44. Following the completion of the transaction, the chief executive officer now owns 13,587 shares of the company’s stock, valued at $3,200,553.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jacques Frederic Kerrest sold 33,228 shares of the stock in a transaction that occurred on Thursday, September 2nd. The stock was sold at an average price of $270.61, for a total value of $8,991,829.08. The disclosure for this sale can be found here. Insiders sold 200,373 shares of company stock valued at $50,356,464 in the last three months. 9.60% of the stock is currently owned by company insiders.

Several institutional investors have recently made changes to their positions in OKTA. Wealthcare Advisory Partners LLC acquired a new stake in shares of Okta during the 1st quarter worth approximately $69,000. Exane Derivatives raised its position in shares of Okta by 109.2% during the 1st quarter. Exane Derivatives now owns 1,255 shares of the company’s stock worth $277,000 after purchasing an additional 655 shares during the period. Signaturefd LLC raised its position in shares of Okta by 15.3% during the 1st quarter. Signaturefd LLC now owns 1,932 shares of the company’s stock worth $426,000 after purchasing an additional 257 shares during the period. Raymond James Trust N.A. raised its position in shares of Okta by 6.1% during the 1st quarter. Raymond James Trust N.A. now owns 1,804 shares of the company’s stock worth $398,000 after purchasing an additional 104 shares during the period. Finally, Daiwa Securities Group Inc. raised its position in shares of Okta by 27.5% during the 1st quarter. Daiwa Securities Group Inc. now owns 9,196 shares of the company’s stock worth $2,026,000 after purchasing an additional 1,982 shares during the period. Institutional investors and hedge funds own 83.75% of the company’s stock.

About Okta

Okta, Inc engages in the provision of identity management platform for the enterprise. It operates through United States and International geographical segments. The firm’s products include single sign-on, multi factor authentication, API access management, authentication, user management, and lifecycle management.

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