Brokerages Expect Okta Inc (NASDAQ:OKTA) Will Announce Quarterly Sales of $155.77 Million

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Brokerages predict that Okta Inc (NASDAQ:OKTA) will announce $155.77 million in sales for the current fiscal quarter, according to Zacks. Seven analysts have made estimates for Okta’s earnings. The highest sales estimate is $156.50 million and the lowest is $155.00 million. Okta reported sales of $115.47 million during the same quarter last year, which indicates a positive year-over-year growth rate of 34.9%. The firm is scheduled to report its next earnings report on Thursday, March 5th.

On average, analysts expect that Okta will report full year sales of $574.57 million for the current fiscal year, with estimates ranging from $573.74 million to $575.30 million. For the next year, analysts anticipate that the business will post sales of $755.68 million, with estimates ranging from $750.00 million to $762.50 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Okta.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Thursday, December 5th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.05. Okta had a negative net margin of 35.43% and a negative return on equity of 53.08%. The firm had revenue of $153.04 million during the quarter, compared to the consensus estimate of $143.88 million. During the same period in the prior year, the firm earned ($0.04) EPS. The business’s revenue was up 45.0% on a year-over-year basis.

A number of equities analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Okta from a “sell” rating to a “hold” rating in a research note on Thursday. Canaccord Genuity increased their price objective on shares of Okta from $120.00 to $125.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Needham & Company LLC restated a “buy” rating and issued a $154.00 price objective on shares of Okta in a research note on Monday, December 9th. Morgan Stanley increased their price objective on shares of Okta from $117.00 to $120.00 and gave the company an “equal weight” rating in a research note on Friday, December 6th. Finally, BidaskClub cut shares of Okta from a “buy” rating to a “hold” rating in a research note on Saturday, December 7th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $133.72.

Okta stock traded up $3.44 during mid-day trading on Monday, reaching $116.69. The company had a trading volume of 1,289,765 shares, compared to its average volume of 1,694,348. The company has a quick ratio of 1.12, a current ratio of 3.19 and a debt-to-equity ratio of 2.47. Okta has a 52 week low of $52.05 and a 52 week high of $141.85. The company has a 50 day moving average of $117.65 and a 200-day moving average of $120.94. The firm has a market cap of $13.74 billion, a price-to-earnings ratio of -113.29 and a beta of 1.07.

In related news, CFO William E. Losch sold 21,108 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $102.73, for a total transaction of $2,168,424.84. Following the completion of the sale, the chief financial officer now owns 12,572 shares in the company, valued at approximately $1,291,521.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Jonathan T. Runyan sold 707 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $102.57, for a total transaction of $72,516.99. Following the sale, the general counsel now owns 1,406 shares of the company’s stock, valued at approximately $144,213.42. The disclosure for this sale can be found here. Insiders have sold a total of 366,789 shares of company stock valued at $43,553,128 in the last quarter. 14.69% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the stock. CSat Investment Advisory L.P. acquired a new stake in shares of Okta during the 2nd quarter worth about $34,000. Griffin Asset Management Inc. acquired a new stake in shares of Okta during the 2nd quarter worth about $45,000. Captrust Financial Advisors increased its position in Okta by 196.2% in the 2nd quarter. Captrust Financial Advisors now owns 385 shares of the company’s stock valued at $48,000 after acquiring an additional 255 shares in the last quarter. CenterStar Asset Management LLC increased its position in Okta by 123.6% in the 2nd quarter. CenterStar Asset Management LLC now owns 430 shares of the company’s stock valued at $53,000 after acquiring an additional 2,253 shares in the last quarter. Finally, KBC Group NV acquired a new stake in Okta in the 2nd quarter valued at about $68,000. Institutional investors and hedge funds own 73.02% of the company’s stock.

About 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 cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.

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