Analyst Mike Cikos of Needham maintained a Buy rating on Okta, retaining the price target of $125.00.
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Mike Cikos has given his Buy rating due to a combination of factors that highlight Okta’s strong performance and promising outlook. Okta’s recent quarterly results exceeded expectations, with concerns in the macroeconomic environment and Public Sector not impacting the company as anticipated. The strength of Okta’s large customer base continues to be a significant driver of growth, and the company’s go-to-market strategies are proving to be more effective and less disruptive than previously assumed.
Additionally, Okta has demonstrated improved sales productivity, maintaining stability year-over-year despite changes in territory and quota assignments. The company has also shown a robust pipeline generation, with indications of better quality and faster conversion times. Despite a cautious approach in financial guidance, evidenced by stable revenue and increased operating expenses, the overall outlook remains positive, supporting the Buy rating.
According to TipRanks, Cikos is a 4-star analyst with an average return of 10.7% and a 51.92% success rate. Cikos covers the Technology sector, focusing on stocks such as Zscaler, Datadog, and Cellebrite DI.
In another report released today, KeyBanc also reiterated a Buy rating on the stock with a $140.00 price target.