Oppenheimer analyst Shaul Eyal maintained a Buy rating on Okta Inc (NASDAQ: OKTA) today and set a price target of $80. The company’s shares closed yesterday at $59.69.
Eyal noted:
“Key takeaways from OKTA’s Investor Day include: (1) OKTA is laser focused on innovation within the Identity space assisting customers accomplish their digital transformation strategies with its “zero trust” identity solutions. (2) Given the sizable opportunities within both of its Identity markets, we believe the company’s longer-term outlook (5 years) of >30% sustainable revenue growth per year (through FY24) is highly achievable. (3) In our view, OKTA’s unique industry position coupled with multiple market drivers (cloud, security, digital transformation strategies) should continue and support the company’s strong momentum near and longer. (4) We are raising our FY20 and FY21 revenue estimates to reflect our expectations for continued penetration into the newer Consumer Identity market. $80 PT.”
According to TipRanks.com, Eyal is a top 100 analyst with an average return of 15.4% and a 65.5% success rate. Eyal covers the Technology sector, focusing on stocks such as Nuance Communications, Verint Systems Inc, and Varonis Systems.
Okta Inc has an analyst consensus of Strong Buy, with a price target consensus of $75.80.
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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.
