Okta, Inc. (OKTA) Announces Quarterly Earnings Results, Misses Estimates By $0.03 EPS
Okta, Inc. (NASDAQ:OKTA) announced its quarterly earnings data on Thursday. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by $0.03, Morningstar.com reports. The company had revenue of $61 million during the quarter, compared to the consensus estimate of $55.90 million. The company’s revenue was up 63.1% on a year-over-year basis. Okta updated its Q3 guidance to ($0.24)-(0.25) EPS and its FY18 guidance to ($0.98-0.95) EPS.
Shares of Okta (OKTA) opened at 30.30 on Friday. The firm’s 50-day moving average price is $24.51 and its 200-day moving average price is $24.26. The stock’s market cap is $2.89 billion. Okta has a 12-month low of $21.52 and a 12-month high of $30.56.
Large investors have recently bought and sold shares of the business. Allen Operations LLC acquired a new position in shares of Okta in the second quarter worth $1,656,000. Hillman Co. acquired a new position in shares of Okta in the second quarter worth $6,975,000. Peregrine Capital Management LLC acquired a new position in shares of Okta in the second quarter worth $6,909,000. Essex Investment Management Co. LLC acquired a new position in shares of Okta in the second quarter worth $2,321,000. Finally, Pier Capital LLC acquired a new position in shares of Okta in the second quarter worth $5,130,000. Institutional investors and hedge funds own 15.07% of the company’s stock.
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Several research analysts recently issued reports on OKTA shares. Zacks Investment Research raised Okta from a “hold” rating to a “buy” rating and set a $26.00 price objective on the stock in a research note on Wednesday, July 5th. Pacific Crest restated an “outperform” rating and set a $32.00 target price on shares of Okta in a report on Monday, June 12th. Canaccord Genuity restated a “hold” rating and set a $27.00 target price on shares of Okta in a report on Friday, June 9th. Finally, KeyCorp restated a “buy” rating and set a $35.00 target price on shares of Okta in a report on Friday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $30.80.
Okta Company Profile
Okta, Inc is a United States-based independent provider of identity for the enterprise. The Company’s Okta Identity Cloud connects and protects employees. It also connects enterprises to their partners, suppliers and customers. The Company offers products, such as Okta information technology (IT) Products and Okta for Developers.
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