Okta (OKTA) Receives a Hold from Needham

Needham analyst Alex Henderson assigned a Hold rating to Okta (OKTAResearch Report) today. The company’s shares closed last Thursday at $242.35, close to its 52-week high of $251.18.

According to TipRanks.com, Henderson is a 5-star analyst with an average return of 22.8% and a 61.7% success rate. Henderson covers the Technology sector, focusing on stocks such as SailPoint Technologies Holdings, Applied Optoelectronics, and Acacia Communications.

Currently, the analyst consensus on Okta is a Moderate Buy with an average price target of $266.91, implying an 8.3% upside from current levels. In a report issued on December 2, Canaccord Genuity also maintained a Hold rating on the stock with a $250.00 price target.

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Based on Okta’s latest earnings release for the quarter ending July 31, the company reported a quarterly revenue of $200 million and GAAP net loss of $60.1 million. In comparison, last year the company earned revenue of $140 million and had a GAAP net loss of $42.98 million.

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Okta, Inc. provides an enterprise-grade identity management services. Its products include single sign-on, multi factor authentication, API access management, API products and integration network services. Okta was founded by Todd McKinnon and J. Frederic Kerrest in 2009 and is headquartered in San Francisco, CA.