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Okta, Inc. (OKTA)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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237.70-2.37 (-0.99%)
As of 09:53AM EST. Market open.
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  • l
    loganhunter2009
    Wow, investors are still nervous? The earnings report was great and yet a 5% drop?
  • b
    ben
    big beat and raise.
    Okta reports Q3 adjusted EPS (7c) beating consensus (24c)
    Okta reports Revenue of $350.68M (+61.3% Y/Y) beats by $23.2M
    Guidance:
    Okta sees Q4 adjusted EPS (25c)-(24c), beating consensus (28c)
    Okta raises FY22 adjusted EPS view to (53c)-(52c) from (77c)-(74c)
  • J
    Joe
    I have a list of 14 guys who will be buying throughout today, but mostly at the close.

    Alex Henderson -- Needham & Company -- Analyst
    Gray Powell -- BTIG -- Analyst
    Patrick Colville -- Deutsche Bank -- Analyst
    Jonathan Ho -- William Blair & Company -- Analyst
    Hamza Fodderwala -- Morgan Stanley -- Analyst
    Ittai Kidron -- Oppenheimer & Co. Inc. -- Analyst
    Brian Essex -- Goldman Sachs -- Analyst
    Adam Tindle -- Raymond James -- Analyst
    Matt Hedberg -- RBC Capital Markets -- Analyst
    Ben Bollin -- Cleveland Research Company -- Analyst
    Sterling Auty -- JPMorgan Chase & Co. -- Analyst
    Adam Borg -- Stifel Financial Corp. -- Analyst
    Keith Bachman -- BMO Capital Markets -- Analyst
    Michael Turits -- KeyBanc Capital Markets -- Analyst
  • E
    EddyRo
    Locked in a little addition at $181!!! Wooohooo!!! Stock seems oversold
  • J
    Joe
    Okta has a $30B market cap, while similar recent earning reports (ZScaler & Crowdstrike) have $45-50B caps. That is a 50% upside right there just to draw even with inferior products.

    Okta Stock Gains. Earnings Were Better Than Expected.
    By Eric J. Savitz Follow
    Updated Dec. 2, 2021 8:34 am ET / Original Dec. 1, 2021 5:33 pm ET
    Order Reprints
    Print Article

    Okta
    Dreamstime
    Okta shares were gaining the morning after reporting better-than-expected financial results for the fiscal third quarter ended on October 31.

    The provider of identity management software posted revenue for the quarter of $351 million, up 61% from a year ago, and ahead of both the company’s guidance range of $325 million to $327 million and the Street consensus at $327 million.
  • W
    What
    If you allow me please to point something out. Pull up the year chart. Ok…see it? Up, down, up, down, up, down. We are right in the valley of the down. Next, it will go up. This stock is strongly influenced by a few wealthy investors…who short, then buy, short, then buy. They will start buying tomorrow. Ignore the noise…follow the patterns. All of the cosmos is derived from and made up of patterns. I’ll take a 5% commission for this advice…if anyone takes it…and wants to send me some money to pay for college tuition for my daughters next year. Wish I had more cash available. Cheers.
  • J
    Joe
    Okta, Inc. (OKTA), a publicly-traded identity and access management company, has reported a smaller-than-expected loss for the third quarter of Fiscal 2022 on the back of top-line growth.

    Following the results, shares of the company rose 1.5% in the extended trading session on Wednesday after closing 8% lower on the day.

    RESULTS IN DETAIL
    The company reported a loss of $0.07 per share against the consensus loss estimate of $0.23 per share. It reported a loss of $0.04 per share in the same quarter last year.

    Additionally, total revenue of $351 million surpassed the Street’s estimate of $327.01 million and rose 61% year-over-year. Subscription revenue was $337 million, up 63%. On an Okta standalone basis (excluding $46 million attributable to Auth0), total revenue increased by 40%. (See Okta stock charts on TipRanks)

    The company recorded remaining performance obligations (RPO) of $2.35 billion, up 49% year-over-year, while total calculated billings, net of acquired deferred revenue, stood at $389 million, up 54%.

    As of October 31, 2021, the company’s cash and cash equivalents, along with short-term investments stood at $2.48 billion.

    OUTLOOK
    For Fiscal Q4, the company projects total revenue to be in the range of $358 million to $360 million, versus the consensus estimate of $354.8 million. Adjusted loss per share is expected to land between $0.25 and $0.24, versus a loss of $0.28 per share estimated by analysts.

    For Fiscal 2022, the company projects an adjusted loss in the range of $0.53 to $0.52 per share. Total revenue is expected to land between $1.275 billion and $1.277 billion.

    CEO COMMENTS
    The CEO of Okta, Todd McKinnon, said, “Our strong third quarter results reflect the continued shift to Identity-First architectures and the critical adoption of Zero Trust security environments, which are both propelling our market leading position. We’re maintaining the momentum of both Okta and Auth0 and are making great progress on the integration. We’re already seeing early success cross-selling into each other’s customer bases and are on our way to capturing more of the massive identity market faster together.”

    See Insiders’ Hot Stocks on TipRanks >>

    WALL STREET’S TAKE
    The Street is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 12 Buys and 5 Holds. The average Okta price target of $295.31 implies 49.1% upside potential from current levels. Shares have lost 8.2% over the past six months.

    BLOGGERS WEIGH IN
    TipRanks data shows that financial blogger opinions are 92% Bullish on OKTA, compared to a sector average of 69%.
  • E
    EricZap
    OKTA is the best , will recover soon and will make your Christmas a joyful celebration .
  • J
    Joe
    This morning, Jerome Powell was asked "What problem keep you awake at night?"

    His response..."Cyber Risks".

    Okta provides that solution.
  • Q
    Quasar
    Will rebound tomorrow, markets are over reacting to the new virus and using it as a pretext to cut down stock prices indiscriminately!
  • J
    Joe
    61% year over year growth this quarter. $1.3 billion in revenue will be $4 billion in revenue in 2026.

    Todd said they plan to start mega deals which is something new.

    And finally, Okta is now into the fourth quarter. Historically, that has always been their strongest quarter...by a wide margin.
  • J
    Joe
    61% year over year growth. That is quite crunk.

    The provider of identity management software posted revenue for the quarter of $351 million, up 61% from a year ago, and ahead of both the company's guidance range of $325 million to $327 million and the Street consensus at $327 million.

    Okta (OKTA) posted a non-GAAP loss of 7 cents a share, narrower than the guidance range of a loss of 24 cents to 25 cents a share. Under generally accepted accounting principles, the company lost $221 million, or $1.44 a share.

    The company said revenue excluding its recently completed acquisition of Auth0 was $305 million, up 40%, accelerating from 39% growth one quarter earlier.

    Okta (OKTA) said remaining performance obligations (RPO) were $2.35 billion, up 49% from a year ago, but down from 57% in the July quarter. That could be a sensitive data point, given that Salesforce (CRM) included lighter-than-expected guidance on that measure for the January quarter late Tuesday.

    CEO Todd McKinnon said in an interview with Barron's that the company is seeing a leveling out of average contract length at a little over two years, after gradually ratcheting up from 18 months. (By definition, longer contracts means higher RPO.) He suggests investors focus on current RPO -- covering results for the next 12 months -- which was up 57% in the October quarter, down just slightly from 60% growth in the July quarter.

    Billings were $389 million, up 54%, slowing from 83% growth in the July quarter. McKinnon said billings data tends to fluctuate based on invoice timing, and suggests again that current RPO is a better measure of future performance.

    "Our strong third quarter results reflect the continued shift to Identity-First architectures and the critical adoption of Zero Trust security environments, which are both propelling our market leading position," McKinnon said in a statement.

    For the fiscal fourth quarter ending in January, the company sees revenue of $358 million to $360 million, with a non-GAAP loss of 24 cents to 25 cents a share. Street consensus calls for $354.8 million and a loss of 28 cents a share.

    Okta (OKTA) raised its full year forecast to a range of $1.275 billion to $1.277 billion, from a previous range of $1.243 billion to $1.25 billion. Okta(OKTA) now sees a non-GAAP loss for the quarter of 52 cents to 53 cents a share, narrowing from a previous forecast of a loss of 74 cents to 77 cents a share.

    McKinnon also said the company added about 900 customers in the quarter, boosting the total to about 14,000. The Okta(OKTA) CEO said he "feels great" about the outlook for IT spending, noting that fiscal fourth quarter tends to be the company's biggest sales quarter.

    He said the pipeline looks strong for the quarter, driven by three key trends -- increased adoption of cloud computing, security software and digital transformation. "More and more we see identity software unlocking success in those trends," he says. "We're very bullish."

    Okta (OKTA) shares, which fell 8% to $198.08 in the regular session Wednesday, are down another 7.6% to $182.87 in late trading. The S&P 500 closed down 1.2%, and the Dow Jones Industrial Average lost 1.3%.
  • J
    Joe
    $260 tomorrow.

    Per this video conference, these guys are about to be more popular than Paul, John, George, and Ringo.
  • J
    Joe
    On Morningstar today, Okta is selected as the 'Stock of the Week'.
  • J
    Joe
    No insider selling in November.

    Can someone dig around and find out who has been dumping this for the last 3-4 sessions?

    One of the institutions has probably grown weary of Todd continuing to spend every dime he earns.

    It reminds me of what Bezos did in the early days of Amazon. Just pump the massive revenue back into R&D. That minimizes taxes, but also leads to low EPS.

    Thru work, I have three Okta accounts and it is a fantastic product at a premium cost. Too bad the shareholders aren't seeing any of those results.

    In the long haul, the Auth0 should also crank out the revenues. I've never used that product, so can't vouch for it. That acquisition set us back during the last two quarters. However, I expect somewhat better results on this next earnings call.
  • R
    RainbowMeow
    Vey bullish management commentary, should be up 15% tomorrow
  • H
    Harmony
    in conference call they gave guidance for next year 1.8b$ revenue and 35% growth in subsequent years until 2026 at least.
  • J
    Joe
    Zscaler knocked it out of the park yesterday afternoon. That bodes very well for Okta.
  • b
    ben
    Okta initiated with a Buy and a $315 price target at DA Davidson
    DA Davidson analyst Rudy Kessinger initiated coverage of Okta with a Buy rating and $315 price target. The analyst says Okta is a "best-of-breed" cloud workforce identity and access management provider that is still in the early innings" of growth. He sees sustainable 35%-plus growth and "compelling" margin expansion through fiscal 2026 for the company.
  • H
    Harmony
    I have entered again for long-term holding at 205$. This company is overlooked by the market it seems, but I really liked their hard-effort management and overall leadership position in the market.