In a report released today, Shaul Eyal from Oppenheimer maintained a Buy rating on Okta Inc (NASDAQ: OKTA), with a price target of $60. The company’s shares closed yesterday at $54.14, close to its 52-week high of $58.56.
Eyal observed:
“We are raising estimates and price target to $60 from $51 following OKTA’s robust F1Q19 results. Its beat-and-raise quarter was driven by new customer acquisitions (customer count 4,700 vs. consensus’ 4,550E) and consistent up-sell momentum as illustrated by its healthy dollar-based retention rate (121%, in line with F4Q’s). Anecdotally, we believe OKTA’s unique integration strategy is effectively driving new business among the mid-to-large size enterprise market (number of customers with ARR >$100k grew 52% YoY to 747). The company’s uninterrupted high-growth momentum illustrates the early-stage opportunity within the IAM market, and we believe OKTA’s higher yet achievable FY19 estimates set a solid backdrop for continued outperformance. Reiterate Outperform.”
According to TipRanks.com, Eyal is a top 100 analyst with an average return of 15.4% and a 67.3% success rate. Eyal covers the Technology sector, focusing on stocks such as Nuance Communications, Verint Systems Inc, and Varonis Systems.
Currently, the analyst consensus on Okta Inc is Strong Buy and the average price target is $54.33, representing a 0.4% upside.
In a report issued on May 24, KeyBanc also maintained a Buy rating on the stock with a $57 price target.
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The company has a one-year high of $58.56 and a one-year low of $21.52. Currently, Okta Inc has an average volume of 2.1M.
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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.
