Oppenheimer Holdings Comments on Okta, Inc.’s Q3 2018 Earnings (OKTA)
Okta, Inc. (NASDAQ:OKTA) – Investment analysts at Oppenheimer Holdings issued their Q3 2018 earnings per share estimates for Okta in a research report issued to clients and investors on Monday. Oppenheimer Holdings analyst S. Eyal forecasts that the company will post earnings per share of ($0.24) for the quarter. Oppenheimer Holdings has a “Outperform” rating and a $32.00 price objective on the stock. Oppenheimer Holdings also issued estimates for Okta’s Q4 2018 earnings at ($0.20) EPS, FY2018 earnings at ($0.96) EPS, Q1 2019 earnings at ($0.21) EPS, Q2 2019 earnings at ($0.21) EPS, Q3 2019 earnings at ($0.19) EPS, Q4 2019 earnings at ($0.17) EPS, FY2019 earnings at ($0.78) EPS and FY2020 earnings at ($0.51) EPS.
Several other equities research analysts have also weighed in on the stock. Zacks Investment Research upgraded shares of 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. Canaccord Genuity reiterated a “hold” rating and set a $27.00 price objective on shares of Okta in a research note on Wednesday, August 30th. KeyCorp reiterated a “buy” rating and set a $35.00 price objective on shares of Okta in a research note on Friday, September 8th. Finally, William Blair initiated coverage on shares of Okta in a research note on Wednesday, October 4th. They set an “outperform” rating on the stock. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $32.17.
Okta (NASDAQ OKTA) traded down 0.07% during trading on Thursday, hitting $28.55. The company had a trading volume of 402,007 shares. Okta has a 12 month low of $21.52 and a 12 month high of $33.64. The company’s 50 day moving average price is $27.88 and its 200-day moving average price is $25.06. The company’s market cap is $2.73 billion.
Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Thursday, September 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.03). The business had revenue of $61.00 million during the quarter, compared to the consensus estimate of $55.90 million. The business’s revenue for the quarter was up 63.1% on a year-over-year basis.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quantbot Technologies LP acquired a new stake in Okta during the second quarter worth about $101,000. CI Investments Inc. bought a new position in Okta in the 2nd quarter worth about $171,000. Paulson & CO. Inc. bought a new position in Okta in the 2nd quarter worth about $171,000. American Century Companies Inc. bought a new position in Okta in the 2nd quarter worth about $201,000. Finally, Pacad Investment Ltd. bought a new position in Okta in the 2nd quarter worth about $207,000. Hedge funds and other institutional investors own 13.00% of the company’s stock.
In related news, General Counsel Jonathan T. Runyan sold 300,000 shares of the stock in a transaction dated Wednesday, October 4th. The shares were sold at an average price of $27.03, for a total transaction of $8,109,000.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.
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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