Okta, Inc (OKTA) PT Raised to $105 at Needham & Company

Needham & Company analyst Alex Henderson raised the price target on Okta, Inc (NASDAQ: OKTA) to $105.00 (from $96.00) while maintaining a Buy rating.

The analyst commented, "At its annual user conference, Okta punctuated a convincing argument why it is the clear leader in Identity Access by announcing two important new products and two major new features on its platform. The expansion of the capabilities and products cemented our belief Okta has already passed the break-away point, where its customer base, platform and Network Effects are sealing its dominant position in Identity, a critical central part of Security. We think OKTA is accelerating away from its smaller sub-scale competitors. The attendance at the conference demonstrates this point. We come away with increased conviction of Identity as a foundational centerpiece of an in depth security framework and see Okta as the clear leader. Accordingly, we are reiterating our Buy on Okta and increasing our PT to $105 from $96."

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