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OKTA - Okta Inc News Story

$198.76 2.6  1.3%

Last Trade - 4:05pm

Sector
Technology
Size
Large Cap
Market Cap £18.74bn
Enterprise Value £18.35bn
Revenue £493.3m
Position in Universe 400th / 6376

BUZZ-Okta rises on strong revenue outlook

Fri 6th March, 2020 1:07pm
** Shares of cloud software provider Okta  OKTA.O  up 1.6%
at $131 premarket after strong rev outlook, a
smaller-than-expected Q1 loss 
    ** Co sees FY2021 rev of $770 mln-$780 mln vs est $757.2 mln
    ** Okta reports 45% jump in Q4 rev to $167.3 mln, adj share
loss of 1 cent vs 5 cents on strong billing growth 
    ** "We continue to post industry-leading growth for
subscription revenue, remaining performance obligations, and
billings, while achieving positive operating and free cash flows
for the year," CEO Todd McKinnon says  urn:newsml:reuters.com:*:nBw10J6zFa
    ** At least six brokerages raise PT, with SunTrust Robinson
taking it to Street high of $162; median PT is $147.5
    ** Avg rating on the stock is "buy"
    ** While valuation appears high relative to the rest of the
space, we note that Okta has delivered results above the "Rule
of 50" for eight straight quarters, which is well above the peer
group - DA Davidson analysts write in a note 
    ** Stock up 12% YTD after 80% surge in 2019 

 (Reporting by Sruthi Shankar in Bengaluru)
 ((sruthi.shankar@thomsonreuters.com))
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