Okta price target raised to $115 from $113 at RBC Capital

RBC Capital analyst Matthew Hedberg raised the firm’s price target on Okta (OKTA) to $115 from $113 and keeps an Outperform rating on the shares. Okta reported another good quarter with 13.5% cRPO growth vs. 10% guidance, the analyst tells investors in a research note. Okta’s macro and Fed fears also did not come to fruition as macro headwinds were removed from guidance considerations for the year, RBC added, noting that the firm remains constructive on the long-term opportunity and the potential for estimates to work higher.