In a report released today, Richard Davis from Canaccord Genuity maintained a Buy rating on Okta Inc (NASDAQ: OKTA), with a price target of $75. The company’s shares opened today at $59.51.
Davis said:
“We believe Okta is well positioned to scale to become a multi-billion-dollar revenue firm and if that is true, then it is very likely that the stock will nicely reward long-term investors. Meanwhile, our bet is that the stock is close to a short-term bottom after swooning almost 20% in 30 days, especially as investors realize Okta is likely to post a strong October quarter (FQ3) in early December. BUY.”
According to TipRanks.com, Davis is a top 25 analyst with an average return of 37.4% and a 81.4% success rate. Davis covers the Technology sector, focusing on stocks such as Ceridian HCM Holding Inc, Altair Engineering Inc, and Upland Software.
Okta Inc has an analyst consensus of Strong Buy, with a price target consensus of $75.80, which is a 27.4% upside from current levels. In a report released today, Oppenheimer also assigned a Buy rating to the stock with a $80 price target.
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The company has a one-year high of $75.49 and a one-year low of $24.71. Currently, Okta Inc has an average volume of 1.8M.
Based on the recent corporate insider activity of 101 insiders, corporate insider sentiment is negative on the stock.
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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.
