Oppenheimer analyst Shaul Eyal maintained a Buy rating on Okta Inc (OKTA) today and set a price target of $90. The company’s shares opened today at $86, close to its 52-week high of $90.67.
Eyal observed:
“Key takeaways from Oktane19 include: (1) growth is further driven by new product launches (i.e., Cases supported by Identity Engine; (2) OKTA remains laser focused on Identity Centric Security which is based on Cloud environment, and the power of (3) given the sizable opportunities within both its Identity markets, we believe OKTA’s 5-year long-term outlook calling for >30% revenue growth per year (through FY24) is highly achievable; and (4) we are raising our FY21 and initiating FY22 revenue estimates to reflect our expectations for continued penetration into OKTA’s sizeable market opportunities. Raising PT from $80 to $90.”
According to TipRanks.com, Eyal is a top 100 analyst with an average return of 17.4% and a 70.8% success rate. Eyal covers the Technology sector, focusing on stocks such as Nuance Communications, Verint Systems Inc, and CyberArk Software.
Currently, the analyst consensus on Okta Inc is a Moderate Buy with an average price target of $87.67, a 1.9% upside from current levels. In a report released today, Canaccord Genuity also maintained a Buy rating on the stock with a $95 price target.
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The company has a one-year high of $90.67 and a one-year low of $37.85. Currently, Okta Inc has an average volume of 1.97M.
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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.
