In a report released today, Richard Davis from Canaccord Genuity maintained a Buy rating on Okta Inc (NASDAQ: OKTA), with a price target of $55. The company’s shares opened today at $49.54, close to its 52-week high of $51.
According to TipRanks.com, Davis is a top 25 analyst with an average return of 32.3% and a 79.1% success rate. Davis covers the Technology sector, focusing on stocks such as Ceridian HCM Holding Inc, Altair Engineering Inc, and Upland Software.
Currently, the analyst consensus on Okta Inc is Strong Buy and the average price target is $51.60, representing a 4.2% upside.
In a report released today, KeyBanc also maintained a Buy rating on the stock with a $57 price target.
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Based on Okta Inc’s latest earnings release for the quarter ending January 31, the company reported a quarterly GAAP net loss of $24.68 million. In comparison, last year the company had a GAAP net loss of $28.9 million.
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Okta, Inc. provides an enterprise-grade identity management services. Its products include single sign-on, multi factor authentication, API access management, API products and integration network services. Okta was founded by Todd McKinnon and J. Frederic Kerrest in 2009 and is headquartered in San Francisco, CA.
