Oppenheimer Releases a Buy Rating on Okta (OKTA)

Oppenheimer analyst Ittai Kidron assigned a Buy rating to Okta (OKTAResearch Report) yesterday and set a price target of $295.00. The company’s shares closed last Wednesday at $222.56.

According to TipRanks.com, Kidron is a top 25 analyst with an average return of 38.8% and a 72.7% success rate. Kidron covers the Technology sector, focusing on stocks such as Zoom Video Communications, CrowdStrike Holdings, and Palo Alto Networks.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Okta with a $273.00 average price target.

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Based on Okta’s latest earnings release for the quarter ending January 31, the company reported a quarterly revenue of $235 million and GAAP net loss of $75.81 million. In comparison, last year the company earned revenue of $167 million and had a GAAP net loss of $50.47 million.

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Okta, Inc. provides identity management services to enterprises. Its products include Single Sign-On, Adaptive Multi-Factor Authentication, Mobility Management, Lifecycle Management, Universal Directory, API access management, API products and integration network services.