Needham analyst Mike Cikos has maintained their bullish stance on OKTA stock, giving a Buy rating on December 4.
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Mike Cikos has given his Buy rating due to a combination of factors that highlight Okta’s strategic advancements and operational resilience. The company’s go-to-market specialization has proven beneficial, as evidenced by its ability to exceed guidance expectations, even when those expectations were set conservatively. This indicates that Okta is performing better than its internal forecasts, showcasing its robust business model.
Furthermore, Okta is experiencing enhancements in its sales pipeline quality, sales cycle efficiency, and close rates, which are crucial metrics for long-term growth. The anticipated further specialization in the Enterprise segment, by differentiating roles such as Hunters and Farmers, is expected to be less disruptive and more beneficial than previous structural changes. These strategic moves instill confidence in Okta’s future investment potential and support the Buy rating.
According to TipRanks, Cikos is a 5-star analyst with an average return of 12.6% and a 53.74% success rate. Cikos covers the Technology sector, focusing on stocks such as MongoDB, CrowdStrike Holdings, and Elastic.
In another report released on December 4, BTIG also reiterated a Buy rating on the stock with a $116.00 price target.