Okta Stock ( NASDAQ:OKTA )
Monday morning, before the stock market opened, Okta ( NASDAQ:OKTA ) shares increased slightly. This was because Oppenheimer upgraded the IT service management company , saying that a survey showed “generally happy customers.”
Analyst Adam Borg upped his recommendation on Okta stock to buy from hold and boosted the per-share price target to $90 from $60. He said that the poll of 37 customers, 80 percent of whom spend more than $100,000 per year with Okta, revealed that they are interested in the company’s swim-lane convergence approach and the company’s identity governance and administration and privileged access management potential. In addition, the analyst lifted the per-share price target to $90 from $60.
Borg pointed out that Okta ( NASDAQ:OKTA ) still has a significant amount of work to implement its go-to-market strategy. This work includes addressing attrition in the customer service sector and turnover in management. In addition, the identity access management industry is “extremely competitive,” Even though fourth-quarter checks were below expectations and investor sentiment is mixed, Okta still has chances in front of it ( NASDAQ:OKTA ).
Borg published a letter to clients in which he said, “… [W]e think that all of this generates a good set-up and risk/reward as Okta steadies execution against previously de-risked [calendar 2023] top-line guidance and produces substantial operating/FCF margin improvements in future years.”
After digging further into the study...
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