Okta Stock – Analysts at Cowen upgraded shares of OKTA from a market perform rating to an outperform rating. FYI, the analyst consensus rating for the company’s stock is “hold”. It is based on the opinion of 38 analysts.
In addition, Eyal also raised the price target on the company’s OKTA shares from $70 per share. a stock at a price of $100. That’s up roughly 40% from the company’s previous close. Analysts also have a consensus price target of $87.03 per share.
Investors have a good Q4 earnings report to thank for the improvement in OKTA shares. That includes adjusted earnings per share of 30 cents on revenue of $510 million. To put that in perspective, Wall Street was expecting adjusted EPS of 9 cents on fourth-quarter revenue of $489.58.
Okta’s Stock Jumps More Than 14% As Earnings Forecast Doubles Expectations
OKTA stock is responding well to today’s news with heavy trading as investors buy shares. As of this writing, it has over 3 million items. That’s already more than its daily turnover of 2.7 million shares.
We have the entire coverage of the stock market to read on Thursday! Among those moving today are shares of Cardio Diagnostics (NASDAQ: CDIO ), Funko (NASDAQ: FNKO ) and Silvergate Capital (NYSE: SI ). All these stories are ready to be published at the following links!
As of the date of publication, William White had no positions (direct or indirect) in the stocks discussed in this article. The opinions expressed in this article are those of the author, based on publication guidelines. Feel free to read. article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today for instant access to our top analyst recommendations, in-depth research, investment resources and more. read more
Zscaler gets all the headlines, but one of its cybersecurity stock competitors is a better deal.
Okta (okta) Vs Crowdstrike (crwd): Which Cybersecurity Stock Is A Better Buy?
Shares of cloud-based cybersecurity software provider Zscaler ( ZS -0.94 ) rose 20.1% on Monday. 11:11. ET after the company saw strong third-quarter earnings this morning.
Zscaler’s enthusiasm soon spread to other cybersecurity providers. CrowdStrike Holdings (CRWD -1.45%) gained 5.6% during the period, while Cloudflare (NET -1.18%) and Okta (OKTA -3.07%) each rose 4.1%.
Of those three cybersecurity stocks, only one has significant news today: Cloudflare announced that it is partnering with IT infrastructure company Kyndryl ( KD 1.65%) to provide services to the latter’s clients.
But Cloudflare isn’t doing any better today than CrowdStrike or Okta stock, and actually better than CrowdStrike, which hasn’t had any problems. All this suggests that CrowdStrike, Cloudflare and Okta are reacting to the Zscaler news. So what does Zscaler say today?
Why Okta Stock Was Sinking Today
Its CEO Jay Chaudhry said: “Interim results for the third quarter exceeded the high end of our guidance range.” Chaudhry added that debt looks set to grow by 38% or 39% in the third quarter, revenue is expected to be in the range of $415 million to $419 million (compared to the previously expected $397 million) and full fiscal year revenue of $1.6 billion.
That sounds pretty good for Zscaler, and it means a whole lot of growth for the cybersecurity industry. If I may add a note of caution, however, I should note that Zscaler also said it expects to lose at least $55 million in the current fiscal quarter as it reports adjusted earnings of $60 million to $64 million.
While management is forecasting a full-year profit of $220 million, that number is being revised. And that means Zscaler won’t post actual revenue this year, which is calculated under generally accepted accounting principles (GAAP).
Wall Street doesn’t actually expect Zscaler to turn profitable on a GAAP basis until 2027 at the earliest, according to estimates compiled by S&P Global Market Intelligence. That year is also the best profit forecast for Cloudflare and Okta, and analysts believe CrowdStrike will turn around. in 2026.
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The good news is that while GAAP profitability still lags far behind Zscaler, Cloudflare, Okta, and CrowdStrike, all four at least generate free cash flow (FCF). Of the four, CrowdStrike remains the cheapest based on FCF, trading at 43x current FCF, Zscaler is second at 51x, and Cloudflare and Okta are close behind, both at triple-digit FCF multiples.
The fact that CrowdStrike is also very close to GAAP profitability tells me that it’s probably your best cyber security profit stock in this group.
Rich Smith has no position in any of the stocks mentioned. The Motley Fool ranks and recommends Cloudflare, CrowdStrike, Okta, and Zscaler. The Motley Fool has a non-disclosure policy.
Okta OKTA $76.47 (-3.07%) $-2.42 Zscaler ZS $114.33 (-0.94%) $-1.09 Cloudflare NET $49.43 (-1.18%) $0.59 Kyndryl KD $14.17 (1.65%) $0.23 $0.
Why Okta Shares Are Trading Higher By Around 14%; Here Are 27 Stocks Moving Premarket
Why did CrowdStrike, Cloudflare, and MongoDB combine on Wednesday morning as the 2 cybersecurity stocks to buy and hold for the next decade? 2 AI growth drops 30% and 58% to buy now 1 flag 1 and 1 red flag CrowdStrike stocks that made $1000? CrowdStrike stock looks like a bargain Buy Now
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Invest better with The Motley Fool. Get stock recommendations, portfolio guidance and more from The Motley Fool’s premium services.Okta (NASDAQ: OKTA ) is an Identity as a Service (IDaaS) company that provides cloud-based authentication to its enterprise subscribers. Okta’s technology allows employees to work securely from home and offers a single sign-on service that allows customers to access multiple services with a single login and password.
As the pandemic forced millions of workers to work from home, Okta’s customer base grew, nearly doubling between early 2019 and the second quarter of 2021.
Okta Shares Rebound 38% From September Low On Expanding Enterprise Business
In May 2021, the cloud software provider acquired identity platform Auth0, along with several top customers.
But while the acquisitions have boosted growth, they’ve also driven up costs — and Okta has yet to turn a profit. Third-quarter earnings per share (EPS) were negative at $0.07, and seven analysts have cut their price target on Okta after the third-quarter results were released.
Okta’s share price has risen sharply since the start of 2021, hitting record highs last February. Could 2022 be the highlight?
Okta debuted on the stock market in April 2017 at $17.00 per share. The stock has grown rapidly, rising to $30 in early 2018 and $130 in February 2020.
Okta Stock: Okta Stock Price Fell 20%; More Sell Off Possible?
Although the pandemic will eventually cause Okta’s customer rates to rise, the stock price has fallen nearly 30% in the spring of 2020 as uncertainty surrounding Covid-19 affects markets. For another year in 2020, Okta’s price rose and finally reached an all-time high of $291 on February 12, 2021.
Since then, the software provider has struggled in the face of extreme volatility, with price movements proving sensitive to both global news and news specific to Okta’s stock. On September 1, the announcement of positive second quarter results caused the share price to rise by about 3%. The stock also rose from $235.17 on Oct. 12 to $259.92 a week later after Okta announced news about Okta Workflows at its Showcase21 event.
The stock market was volatile in mid-November, with the NASDAQ Composite falling from 15,973.86 to 15,491.66 between November 16 and November 24. Okta’s share price fell from $267 to $215 during the same period, a nearly 20% decline.
According to TradingView, Okta’s Relative Strength Index (RSI) is currently neutral at 47, indicating that the price is unlikely to see another breakout or decline.
Okta Stock Falls Amid Reports Of Possible Digital Breach
Overall, the short-term technical analysis suggests a bearish trend, with 11 indicators showing a sell signal, ten indicators remaining neutral and five indicating a buy signal.
Okta released its third-quarter results on Dec. 1, showing a 61% year-over-year increase in revenue. Okta also reported a net loss of $221 million, up from $73 million. in the same quarter last year.
Nine analysts changed their ratings after the third quarter results, seven lowered their price targets. The share price has been volatile since the results were released, hovering around $212 since then (Dec. 6).
Okta estimates the company’s “addressable market” to be DKK 80 billion. With an expected turnover of 1.25 billion USD in 2021, there is still plenty of room for further growth. And analysts are worried about Okta’s prospects as the pandemic eases.
The Globe And Mail
“The rise of telecommuting has resulted in more workers accessing more business tools from different locations,” Morningstar’s equity research team said in a letter obtained by the company.
“Cybersecurity threats have always increased during times of violence. In particular, the adoption of cloud-based security tools from Okta, CrowsStrike and Zscaler has accelerated during the pandemic, and we do not expect this trend to reverse once workers return to the office,” the report added.
In another encouraging sign
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