Okta Inc. (OKTA)

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Earnings Previews: Okta
By: 24/7 Wall St. | August 31, 2021

Okta

Enterprise software company Okta Inc. (NASDAQ: OKTA) has added about 26% to its share price over the past 12 months. For the year to date, however, the gain is less than 4%. Cathie Wood’s ARK Next Generation Internet ETF held 365,899 shares of Okta at the end of June. The fund has pared its holdings to 297,502 as of Monday’s close. Okta reports second-quarter 2022 results after markets close Wednesday

Of 28 analysts covering the stock, 18 rate the shares a Buy or Strong Buy, and the other 10 rate them at Hold. At a price of around $263.80, the implied upside on the stock based on a median price target of $280 is about 6%. At the high price target of $320, the upside potential is about 21%.

Quarterly revenue is forecast at $293.16 million, up 16.8% sequentially and 46% year over year. Okta is expected to post a loss per share of $0.33 for the quarter, 23 cents worse than the first-quarter loss. For the full year, analysts are looking for a loss per share of $1.11 compared with EPS of $0.11 in 2020.

Okta is not expected to post a profit in 2022, 2023 or 2024. The company’s enterprise value-to-sales ratio is 32.2 for 2022, 23.4 for 2023 and 17.5 for 2024. The stock’s 52-week range is $185.05 to $294.00, and Okta does not pay a dividend.

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