TECH - Okta Is 'Seeing Strength With Large Customers': 7 Of These 9 Analysts Raise Their Stock Forecast | Benzinga
Okta Inc (NASDAQ: OKTA) shares were climbing in early trading on Thursday, after the company reported upbeat fourth-quarter results.
The results came amid an exciting earnings season. Here are some key analyst takeaways from the release.
Canaccord Genuity On Okta
Analyst T. Michael Walkley maintained a Hold rating while raising the price target from $85 to $95.
Although Okta reported strong fourth-quarter results that came in ahead of expectations, its first-quarter guidance showed decelerating cRPO (current remaining performance obligations) growth of 13%, Walkley said in a note.
Management only modestly raised the fiscal 2025 revenue growth outlook from 10% to 10-11%, he noted.
"We still view Okta as a long-term beneficiary of Zero Trust adoption given its positioning as a next-gen leader and consolidator in a large $80B TAM for Identity Security,” the analyst further stated.
Truist Securities On Okta
Analyst Joel P. Fishbein Jr. reiterated a Hold rating while lifting the price target from $85 to $105.
Okta reported strong fourth-quarter results and revised its topline and profit guidance higher for fiscal 2025, Fishbein said.
"The company is seeing strength with large customers and is seeing success with uplift from its OIG and PAM solutions in Workforce Identity,” the analyst wrote. "OKTA is making progress in its GTM organization with a shift in strategy to accelerate new logo growth,” he added.
Mizuho Securities On Okta
Analyst Gregg Moskowitz reaffirmed a Neutral rating while raising the price target from $90 to $105.
"OKTA reported a clearly better than expected F4Q, led by cRPO growth of 16% Y/Y and revenue growth of 19% Y/Y vs. our and the Street's 15% forecast,” Moskowitz wrote ...