Why Okta's Stock Is Trading Lower Today

Okta Inc OKTA is trading lower Thursday morning after the company issued second-quarter earnings guidance below estimates. 

What Happened: Okta reported a first-quarter earnings loss of 10 cents per share, which beat the estimate for a loss of 20 cents per share. The company reported quarterly revenue of $251 million, which beat the estimate of $238.31 million.

Okta said it expects a second-quarter earnings loss of 35 to 36 cents per share, which was lower than the estimate for a loss of 11 cents per share.

See also: How to Buy Okta (OKTA) Stock

"Broad-based demand for both our customer and workforce identity solutions led to another quarter of strong financial results and an excellent start to the fiscal year. Organizations around the world are turning to Okta to improve the digital customer experience and to improve how their employees safely connect to their applications from anywhere," said Todd McKinnon, CEO of Okta.

Related Link: Recap: Okta Q1 Earnings

JP Morgan analyst Sterling Auty maintained Okta with a Neutral rating and raised the price target from $235 to $245 on Thursday.

Price Action: Okta traded as high as $294 and as low as $166.65 over a 52-week period. 

At last check Thursday, the stock was down 6.32% in premarket trading at $230.96.

Photo courtesy of Okta.