Okta Inc (OKTA) Receives a Buy from Oppenheimer

Oppenheimer analyst Shaul Eyal maintained a Buy rating on Okta Inc (OKTA) today and set a price target of $80. The company’s shares closed on Tuesday at $60.65.

Eyal noted:

“OKTA reported strong F3Q19 results and elevated FY19 guidance, driven by continued migration trends to the cloud. OKTA’s customer acquisition (+450 customers during F3Q for a total of 5,600+ customers, up 42% YoY) and up-sell momentum (consistent 120% dollar-based retention rate) illustrate the company’s strong position and potential within the identity market. OKTA has accelerated the growth of larger dollar value customers (added 100 customers during F3Q to a total of 937 with ARR >$100K, +55% YoY) by signing up more users, offering more products, and providing identity solutions for more use cases. With this in mind, we believe OKTA is still early into its sizable opportunity, particularly with larger organizations as they continue their journey to cloud environments. Reiterate Outperform.”

According to TipRanks.com, Eyal is a top 100 analyst with an average return of 14.1% and a 63.8% success rate. Eyal covers the Technology sector, focusing on stocks such as Proofpoint Inc, Nice-Systems, and Mimecast Ltd.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Okta Inc with a $74.86 average price target.

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The company has a one-year high of $75.49 and a one-year low of $24.93. Currently, Okta Inc has an average volume of 2.26M.

Based on the recent corporate insider activity of 89 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.

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