Morgan Stanley analyst Keith Weiss maintained a Buy rating on Okta today and set a price target of $123.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Keith Weiss has given his Buy rating due to a combination of factors that highlight Okta’s strong performance and growth potential. The company exceeded expectations in the second quarter, with significant year-over-year growth in current remaining performance obligations and improvements in operating margins and free cash flow. These results indicate that previous macroeconomic and public sector concerns were overly cautious, allowing Okta to benefit from its broader platform and focused go-to-market strategies.
Furthermore, Okta’s success in upselling to existing customers, particularly those with substantial annual contract values, underscores the demand for its open identity platform. The company’s strategic acquisition of Axiom Security to enhance its privileged access management solutions also supports its growth trajectory. Despite some ongoing conservatism regarding platform specialization and recovery from COVID-related pressures, the positive outlook and strong performance in the public sector contribute to the Buy rating.
In another report released today, KeyBanc also reiterated a Buy rating on the stock with a $140.00 price target.