Okta (OKTA) Receives a New Rating from a Top Analyst

In a report released today, Shaul Eyal from Oppenheimer assigned a Buy rating to Okta (OKTAResearch Report), with a price target of $226.00. The company’s shares closed last Thursday at $218.69, close to its 52-week high of $226.89.

According to TipRanks.com, Eyal is a top 100 analyst with an average return of 23.3% and a 73.5% success rate. Eyal covers the Technology sector, focusing on stocks such as SailPoint Technologies Holdings, Nuance Communications, and Ping Identity Holding.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Okta with a $218.23 average price target, a -2.3% downside from current levels. In a report issued on August 20, RBC Capital also maintained a Buy rating on the stock with a $230.00 price target.

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Based on Okta’s latest earnings release for the quarter ending April 30, the company reported a quarterly revenue of $183 million and GAAP net loss of $57.66 million. In comparison, last year the company earned revenue of $125 million and had a GAAP net loss of $51.97 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.