Okta (NASDAQ:OKTA) Issues Earnings Results

Okta (NASDAQ:OKTA) issued its quarterly earnings results on Monday. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.48), Zacks reports. Okta had a negative net margin of 1.54% and a positive return on equity of 0.47%.

Okta Stock Performance

Shares of NASDAQ:OKTA traded down $3.33 during midday trading on Monday, reaching $87.16. 6,126,456 shares of the company traded hands, compared to its average volume of 2,489,054. The firm’s fifty day moving average price is $89.30 and its two-hundred day moving average price is $82.44. The firm has a market capitalization of $14.94 billion, a price-to-earnings ratio of -249.03, a price-to-earnings-growth ratio of 6.42 and a beta of 1.03. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta has a 12 month low of $70.56 and a 12 month high of $114.50.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Morgan Stanley raised Okta from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $92.00 to $97.00 in a research report on Monday, December 2nd. Susquehanna lifted their price objective on shares of Okta from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Piper Sandler increased their target price on shares of Okta from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Citigroup lifted their price target on shares of Okta from $95.00 to $100.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Finally, Truist Financial reiterated a “hold” rating and set a $92.00 target price (up previously from $80.00) on shares of Okta in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $105.67.

Insiders Place Their Bets

In other news, insider Larissa Schwartz sold 2,704 shares of the business’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $80.50, for a total transaction of $217,672.00. Following the completion of the transaction, the insider now owns 24,462 shares of the company’s stock, valued at approximately $1,969,191. The trade was a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd Mckinnon sold 233,028 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $82.31, for a total transaction of $19,180,534.68. The disclosure for this sale can be found here. Insiders sold a total of 849,482 shares of company stock worth $74,422,216 in the last quarter. 7.00% of the stock is owned by company insiders.

About Okta

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.