Mike Cikos, an analyst from Needham, maintained the Buy rating on Okta. The associated price target remains the same with $110.00.
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Mike Cikos has given his Buy rating due to a combination of factors that underscore Okta’s strategic positioning and long‑term growth prospects. He highlights how the identity market is consolidating across previously distinct segments, with security concerns and ongoing cloud migration pushing enterprises toward comprehensive platforms like Okta’s. Okta is increasingly well placed to serve as a central identity layer as customers seek unified solutions rather than fragmented tools, reinforcing its competitive moat and potential for sustained demand.
Cikos also points to emerging opportunities such as Agentic AI, which Okta can treat as a new class of identity similar to human users, creating an additional runway for future product usage even if near‑term revenue impact is modest. In addition, Okta’s M&A strategy is focused on accelerating its roadmap and extending its reach into new user types and resources, broadening its addressable market. The recently announced $1 billion share repurchase authorization is viewed as a sign of management’s confidence and provides capital allocation flexibility, which can enhance shareholder value. Collectively, these dynamics support his Buy recommendation on the stock.
In another report released on January 6, Evercore ISI also maintained a Buy rating on the stock with a $130.00 price target.