Why Okta Stock Is Rising Today

Okta Inc OKTA shares are trading higher Friday after the company reported better-than-expected financial results and issued guidance above analyst estimates.

Okta said fiscal first-quarter revenue increased 65% year-over-year to $415 million, which beat the estimate of $388.99 million, according to data from Benzinga Pro. The company reported a quarterly earnings loss of 27 cents per share, which beat the estimate for a loss of 34 cents per share.

Okta expects fiscal second-quarter revenue to be between $428 million and $430 million versus the estimate of $422.25 million. The company said it expects to lose 31 to 32 cents per share in the second quarter. 

Full-year revenue is expected to be between $1.805 billion and $1.815 billion, representing growth of 39% to 40% year-over-year.

Analyst Assessment:

  • Piper Sandler analyst Rob Owens maintained Okta with an Overweight rating and lowered the price target from $270 to $150.
  • JMP Securities analyst Trevor Walsh maintained Okta with a Market Outperform rating and lowered the price target from $260 to $165.
  • Deutsche Bank analyst Patrick Colville maintained Okta with a Buy rating and lowered the price target from $195 to $130.
  • Wells Fargo analyst Andrew Nowinski maintained Okta with an Overweight rating and raised the price target from $130 to $145.
  • Stifel analyst Adam Borg maintained Okta with a Hold rating and lowered the price target from $195 to $115.

See Also: Morning Brief: Top Financial Stories Dominating on Friday, June 3

OKTA Price Action: Okta has traded between $77.01 and $276.30 over a 52-week period.

The stock was up 14.3% at $107.06 at time of publication.

Photo: Aaron Parecki from Flickr.

Posted In: why it's movingEarningsNewsPrice TargetAnalyst RatingsMoversTrading Ideas

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.