$84.74 Million in Sales Expected for Okta Inc (OKTA) This Quarter
Analysts expect Okta Inc (NASDAQ:OKTA) to announce sales of $84.74 million for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Okta’s earnings, with the highest sales estimate coming in at $85.00 million and the lowest estimate coming in at $84.61 million. Okta posted sales of $61.00 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 38.9%. The company is expected to announce its next earnings results after the market closes on Thursday, September 6th.
According to Zacks, analysts expect that Okta will report full year sales of $356.41 million for the current fiscal year, with estimates ranging from $355.60 million to $356.90 million. For the next fiscal year, analysts expect that the company will post sales of $473.09 million per share, with estimates ranging from $465.40 million to $478.87 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Okta.
Okta (NASDAQ:OKTA) last posted its earnings results on Wednesday, June 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.07. Okta had a negative return on equity of 59.95% and a negative net margin of 38.34%. The firm had revenue of $83.62 million for the quarter, compared to analyst estimates of $78.81 million. During the same quarter in the prior year, the company earned ($0.50) EPS. Okta’s revenue was up 59.8% on a year-over-year basis.
In other news, CFO William E. Losch sold 15,000 shares of the stock in a transaction dated Monday, June 25th. The stock was sold at an average price of $49.25, for a total value of $738,750.00. Following the transaction, the chief financial officer now owns 15,000 shares in the company, valued at approximately $738,750. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Jonathan T. Runyan sold 47,500 shares of the stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $60.14, for a total value of $2,856,650.00. Following the completion of the transaction, the general counsel now owns 8,481 shares in the company, valued at approximately $510,047.34. The disclosure for this sale can be found here. Insiders sold a total of 694,651 shares of company stock worth $37,684,868 in the last ninety days. 20.59% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. HL Financial Services LLC increased its holdings in shares of Okta by 4.7% in the 2nd quarter. HL Financial Services LLC now owns 20,447 shares of the company’s stock valued at $1,030,000 after acquiring an additional 918 shares during the last quarter. Bank Hapoalim BM increased its holdings in shares of Okta by 8.7% in the 2nd quarter. Bank Hapoalim BM now owns 12,120 shares of the company’s stock valued at $610,000 after acquiring an additional 965 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Okta by 129.9% in the 2nd quarter. Parallel Advisors LLC now owns 2,393 shares of the company’s stock valued at $120,000 after acquiring an additional 1,352 shares during the last quarter. HM Payson & Co. increased its holdings in shares of Okta by 30.5% in the 2nd quarter. HM Payson & Co. now owns 6,616 shares of the company’s stock valued at $333,000 after acquiring an additional 1,545 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. increased its holdings in shares of Okta by 276.1% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,633 shares of the company’s stock valued at $105,000 after acquiring an additional 1,933 shares during the last quarter. Institutional investors and hedge funds own 60.19% of the company’s stock.
OKTA opened at $61.69 on Friday. Okta has a 12-month low of $24.13 and a 12-month high of $62.23. The company has a current ratio of 3.13, a quick ratio of 3.14 and a debt-to-equity ratio of 1.04. The stock has a market cap of $6.34 billion, a P/E ratio of -45.21 and a beta of -1.03.
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 Web and mobile applications, and data of organization; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; and Mobility Management, which simplifies and automates mobile device administration and provisioning across phones, tablets, and laptops.
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