Oppenheimer Believes Okta Inc (OKTA) Won’t Stop Here


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 $60.20, close to its 52-week high of $63.71.

Eyal wrote:

“We are raising our PT to $80 from $60 following OKTA’s robust F2Q19 results and elevated FY19 guidance. Driven by continued migration trends to the cloud, OKTA’s customer acquisition (+250 customers during F2Q) and up-sell (consistent 121% dollar-based retention rate) momentum has illustrated the company’s strong position and potential within the identity market. OKTA has accelerated the growth of larger dollar value customers (837 customers 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 shift to cloud environments. Reiterate Outperform.”

According to TipRanks.com, Eyal is a top 100 analyst with an average return of 16.8% and a 67.3% success rate. Eyal covers the Technology sector, focusing on stocks such as Nuance Communications, Verint Systems Inc, and Varonis Systems.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Okta Inc with a $68 average price target, implying a 13.0% upside from current levels. In a report released today, KeyBanc also maintained a Buy rating on the stock with a $74 price target.

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The company has a one-year high of $63.71 and a one-year low of $24.50. Currently, Okta Inc has an average volume of 2.01M.

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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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