In a report released today, Shaul Eyal from Oppenheimer assigned a Buy rating to Okta Inc (NASDAQ: OKTA), with a price target of $51. The company’s shares closed yesterday at $49.52, close to its 52-week high of $51.
Eyal observed:
“Following OKTA’s investor day, we remain bullish on the company’s position in the IAM market, driven by: (1) OKTA announced a number of new collaborations (VMware, Facebook), projects (Onramp), and product enhancements (ThreatInsight, Okta) illustrating its commitment to IAM innovation (2) We believe OKTA is leveraging its strong brand reputation with the developer community to become the de facto identity management standard for any application (internal or external) with IAM systems (3) OKTA’s bold flywheel approach to IAM—nonetheless, a logical one —is highly differentiating its longer-term strategy (4) We believe OKTA’s merits reside with the company’s ability to convert its strong network effect into new business. We are raising our PT to $51 from $43. F1Q19 results are scheduled 6/4 AMC.”
According to TipRanks.com, Eyal is a 5-star analyst with an average return of 14.4% and a 65.7% 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 $49.20.
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Based on Okta Inc’s latest earnings release for the quarter ending January 31, the company reported a quarterly GAAP net loss of $24.68 million. In comparison, last year the company had a GAAP net loss of $28.9 million.
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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.
