Analyst Shrenik Kothari of Robert W. Baird maintained a Buy rating on Okta (OKTA – Research Report), retaining the price target of $148.00.
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Shrenik Kothari has given his Buy rating due to a combination of factors that highlight Okta’s strategic positioning and growth potential. Okta’s specialization in go-to-market strategies is beginning to show positive results, boosting morale and productivity within the sales teams. The company’s broad platform capabilities align well with the growing demand for modern identity solutions, particularly as organizations look to consolidate legacy systems.
Additionally, Okta’s focus on identity as a security fabric across both workforce and customer identity markets is expanding its total addressable market. The company’s strategic segmentation of sales representatives and strong momentum in public sector deals further underscore its potential for growth. Despite macroeconomic uncertainties, Okta’s management remains prudent in their guidance, emphasizing a balanced approach to growth and profitability. The company’s upsell opportunities and strategic reinvestments in R&D and security also contribute to its favorable outlook.
According to TipRanks, Kothari is a top 100 analyst with an average return of 28.2% and a 77.19% success rate. Kothari covers the Technology sector, focusing on stocks such as CyberArk Software, Tenable Holdings, and Okta.
In another report released on June 3, Bernstein also maintained a Buy rating on the stock with a $132.00 price target.