Piper Jaffray Initiates a Buy Rating on Okta (OKTA)

In a report released today, Andrew Nowinski from Piper Jaffray initiated coverage with a Buy rating on Okta (OKTAResearch Report) and a price target of $135.00. The company’s shares closed last Monday at $106.27.

According to TipRanks.com, Nowinski is a 4-star analyst with an average return of 8.8% and a 51.2% success rate. Nowinski covers the Technology sector, focusing on stocks such as CyberArk Software, Check Point, and Nutanix.

Currently, the analyst consensus on Okta is a Strong Buy with an average price target of $139.00.

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Based on Okta’s latest earnings release for the quarter ending July 31, the company reported a quarterly GAAP net loss of $42.98 million. In comparison, last year the company had a GAAP net loss of $29.52 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.