Analysts Offer Insights on Technology Companies: Okta (NASDAQ: OKTA) and Cadence Design (NASDAQ: CDNS)

There’s a lot to be optimistic about in the Technology sector as 2 analysts just weighed in on Okta (OKTAResearch Report) and Cadence Design (CDNSResearch Report) with bullish sentiments.

Okta (OKTA)

In a report issued on October 7, Matthew Hedberg from RBC Capital maintained a Buy rating on Okta, with a price target of $255.00. The company’s shares closed last Friday at $236.45, close to its 52-week high of $240.33.

According to TipRanks.com, Hedberg is a top 25 analyst with an average return of 29.4% and a 78.1% success rate. Hedberg covers the Technology sector, focusing on stocks such as SailPoint Technologies Holdings, Ping Identity Holding, and CrowdStrike Holdings.

Currently, the analyst consensus on Okta is a Moderate Buy with an average price target of $242.86, implying a 2.5% upside from current levels. In a report issued on October 8, Oppenheimer also maintained a Buy rating on the stock with a $250.00 price target.

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Cadence Design (CDNS)

RBC Capital analyst Mitch Steves maintained a Buy rating on Cadence Design on October 8 and set a price target of $122.00. The company’s shares closed last Friday at $111.93, close to its 52-week high of $117.59.

According to TipRanks.com, Steves is a top 100 analyst with an average return of 29.3% and a 73.4% success rate. Steves covers the Technology sector, focusing on stocks such as Advanced Micro Devices, Dialog Semiconductor, and Texas Instruments.

Currently, the analyst consensus on Cadence Design is a Strong Buy with an average price target of $112.83.

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