Robert W. Baird analyst Jonathan Ruykhaver maintained a Hold rating on Okta Inc (OKTA) today and set a price target of $65. The company’s shares opened today at $60.10.
Ruykhaver noted:
“We maintain our Neutral rating and $65 price target on Okta after reporting very strong FQ3 results. We believe a first mover advantage, strong competitive positioning, and a growing awareness of the importance of identity in driving agility and security for cloud is and will continue to support a robust growth opportunity for Okta. However, trading at the high-end of secular SaaS peers, we believe the opportunity is captured in current valuation.”
According to TipRanks.com, Ruykhaver is a 5-star analyst with an average return of 21.9% and a 69.2% success rate. Ruykhaver covers the Technology sector, focusing on stocks such as Forescout Technologies Inc, Proofpoint Inc, and Mimecast Ltd.
Currently, the analyst consensus on Okta Inc is a Strong Buy with an average price target of $74.86.
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Based on Okta Inc’s latest earnings release for the quarter ending October 31, the company reported a quarterly GAAP net loss of $29.52 million. In comparison, last year the company had a GAAP net loss of $33.78 million.
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.
