Okta, the Technology sector company, was revisited by a Wall Street analyst yesterday. Analyst Shrenik Kothari from Robert W. Baird maintained a Buy rating on the stock and has a $148.00 price target.
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Shrenik Kothari has given his Buy rating due to a combination of factors including Okta’s favorable setup heading into the FQ2 report. The company is operating under a backdrop of reset expectations and supportive channel commentary, which provides a constructive environment for potential growth. With strong visibility in subscription revenue and cRPO at 77.8%, Okta is positioned well for near-term performance.
Additionally, Okta’s valuation appears attractive, trading at a discount compared to peers, which suggests potential upside as market sentiment normalizes. The company’s strategic initiatives, such as platform unification and CIAM execution, have received positive feedback, further supporting the Buy rating. Overall, the combination of de-risked guidance, improving partner feedback, and strategic tailwinds contribute to the positive outlook for Okta’s stock.
According to TipRanks, Kothari is a 5-star analyst with an average return of 24.9% and a 70.54% success rate. Kothari covers the Technology sector, focusing on stocks such as Tenable Holdings, Check Point, and Okta.
In another report released on August 18, Guggenheim also maintained a Buy rating on the stock with a $138.00 price target.