Analysts Stocks

      Selected stock price target news of the day - August 31, 2023

      By: Matthew Otto

       

      Okta Q2 2024 Financial Performance and Raises Full-Year Outlook

      Okta reported financial results in its second quarter of fiscal year 2024 with a total revenue growth reaching 23%, primarily driven by a 24% increase in subscription revenue. Subscription revenue accounted for 97% of the total revenue. International revenue also saw growth, increasing by 18% and contributing to 21% of the total revenue. Okta’s gross retention rates remained in the mid-90% range, while its dollar-based net retention rate for the trailing 12-month period stood at 115%.

       

      Looking ahead, Okta provided an optimistic outlook for both the third quarter and the fiscal year 2024. For Q3, the company expects total revenue to range between $558 million and $560 million, representing growth of 16%. Additionally, the company’s fiscal year 2024 revenue outlook was raised by $30 million at the high end, with expected revenue between $2.207 billion and $2.215 billion, reflecting a growth rate of 19%. Okta’s efforts to drive efficiency measures and improve its cost structure have contributed to better-than-expected profitability, with a non-GAAP operating margin projected to be 10% for fiscal year 2024. The company also highlighted its balance sheet, with $2.11 billion in cash, cash equivalents, and short-term investments, positioning it for continued growth and investment in its future.

       

      Analysts Varied Outlooks with Revised Price Targets

      • Stephens & Co. analyst Brian Colley reiterated an Equal-Weight rating and a $90 price target.
      • BMO Capital analyst Keith Bachman maintained a Market Perform rating and raised the price target from $85 to $90.
      • JMP Securities analyst Trevor Walsh kept a Market Outperform rating and a $110 price target.
      • Oppenheimer analyst Ittai Kidron reiterated an Outperform rating and a $110 price target.
      • Needham analyst Alex Henderson maintained a Buy rating and a $100 price target.
      • Evercore ISI Group analyst Peter Levine upgraded from Underperform to In-Line and the price target from $65 to $75.

       

      Analyst Imtiaz Koujalgi (GUGGENHEIM) currently has the highest performing score on OKTA with 5/6 (83.33%) price target fulfillment ratio. His price targets carry an average of $22.87 (16.78%) potential upside. Okta stock price reaches these price targets on average within 58 days. 

       

       

       

      Chewy Shows Resilient Q2 2023 Financial Performance

      Chewy reported its second quarter financial results for the fiscal year 2023. The company’s net sales reached $2.78 billion, indicating a 14% growth compared to the same period in the previous year. The growth was driven by customer participation, particularly in the Autoship subscription program, which accounted for 76% of total net sales during the quarter. Despite flat active customer numbers, Chewy managed to achieve a 15% increase in net sales per active customer (NSPAC), reaching $530. The company’s gross margin stood at 28.3%, aligning with expectations, and its adjusted EBITDA margin was at 3%.

       

      Looking ahead, Chewy has outlined its guidance for the third quarter and full year 2023. The company expects third-quarter net sales to range between $2.74 billion and $2.76 billion, reflecting an 8% to 9% year-over-year growth. For the full year, Chewy reaffirms its net sales outlook of $11.5 billion to $11.35 billion, anticipating a growth rate of approximately 10% to 12% compared to the previous year. The company also maintains its full-year 2023 adjusted EBITDA margin outlook of around 3%.

       

      Analysts Adjust Price Targets and Ratings Amid Market Dynamics

      • RBC Capital analyst Steven Shemesh maintained an Outperform rating and lowered the price target from $56 to $44.
      • Morgan Stanley analyst Lauren Schenk reiterated an Equal-Weight rating and downgraded the price target from $32 to $31.
      • Oppenheimer analyst Rupesh Parikh kept an Outperform rating and decreased the price target from $50 to $35.
      • Needham analyst Anna Andreeva maintained a Buy rating and decreased the price target from $55 to $45.
      • Evercore ISI Group analyst Mark Mahaney downgraded from Outperform to In-Line and the price target from $53 to $35.
      • Barclays analyst Trevor Young reiterated an Equal-Weight rating and lowered the price target from $35 to $28.

       

      Analyst Trevor Young (BARCLAYS) currently has the highest performing score on CHWY with 14/16 (87.5%) price target fulfillment ratio. His price targets carry an average of $1.44 (2.14%) potential upside. Chewy stock price reaches these price targets on average within 54 days.

       

       

       

      CrowdStrike Surpasses Expectations with Q2 2024 Financial Results

      For the fiscal second quarter ending on July 31, CrowdStrike reported financial results posting revenues of $731.6 million, a 37% increase compared to the previous year, surpassing its projected range of $717.2 million to $727.4 million and the consensus estimate of $724.1 million. On an adjusted basis, CrowdStrike reported earnings of 74 cents per share, exceeding its guidance range of 54 to 57 cents per share and the market consensus of 56 cents. Under generally accepted accounting principles (GAAP), the company earned 3 cents per share. Notably, the company achieved an annual recurring revenue of $2.93 billion, up 37%, and reported a free cash flow of $188.7 million, an increase from the $135.8 million in the same quarter of the previous year.

       

      Looking ahead, CrowdStrike anticipates third-quarter revenue between $775.4 million and $778 million, with adjusted profits projected at 74 cents per share. This forecast outperformed the Wall Street consensus, which had predicted revenue of $774 million and adjusted profits of 60 cents per share. For the fiscal year ending in January 2024, CrowdStrike now expects revenue in the range of $3.03 billion to $3.04 billion, along with adjusted earnings between $2.80 and $2.84 per share. This update to the forecast is an improvement from the previous outlook of revenue between $3 billion and $3.04 billion, and profits of $2.32 to $2.43 per share.

       

      RBC Capital Markets analyst Matthew Hedberg praised the company’s performance, noting that all key metrics exceeded expectations. He specifically highlighted the impressive profitability that CrowdStrike demonstrated in its financial results.

       

      Analysts Adjust Price Targets and Ratings Amid Market Dynamics

      • BTIG analyst Gray Powell maintained a Buy rating and raised the price target from $188 to $192.
      • Stifel analyst Brad Reback reiterated a Hold rating and increased the price target from $128 to $153.
      • Cantor Fitzgerald analyst Jonathan Ruykhaver reiterated an Overweight rating and the price target of $180.
      • DA Davidson analyst Rudy Kessinger maintained a Buy rating and upgraded the price target from $175 to $185.
      • RBC Capital analyst Matthew Hedberg kept an Outperform rating and raised the price target from $182 to $185.
      • Stephens & Co. analyst Brian Colley reiterated an Overweight rating and the price target of $200.
      • BMO Capital analyst Keith Bachman maintained an Outperform rating and increased the price target from $165 to $167.
      • JMP Securities analyst Trevor Walsh kept a Market Outperform rating and a price target of $235.
      • Oppenheimer analyst Ittai Kidron reiterated an Outperform rating and a price target of $175.
      • Needham analyst Alex Henderson maintained a Buy rating and raised the price target from $170 to $200.

       

      Analyst Jonathan Ruykhaver (BAIRD) currently has the highest performing score on CRWD with 8/13 (61.54%) price target fulfillment ratio. His price targets carry an average of $30.56 (21.42%) potential upside. CrowdStrike Holdings stock price reaches these price targets on average within 52 days.

       

       

       

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