Okta, Inc (OKTA) PT Raised to $125 at Needham

Needham analyst Mike Cikos raised the price target on Okta, Inc (NASDAQ: OKTA) to $125.00 (from $115.00) while maintaining a Buy rating.

The analyst commented: "Okta's results exceeded guidance, but 14% cRPO growth missed expectations. Recall management guided 1QFY26 cRPO to increase ~12% yr-yr, but we believe the buy-side ran ahead of itself with projections for ~15% given the strong ytd increase in the share price. Furthermore, we view cRPO guidance for qtr-qtr contraction to $2.200 Billion to $2.205 Billion in 2QFY26 as disappointing - particularly in light of (1) go-to-market initiatives such as Specialization; (2) traction with New Products; and (3) reduced Seat & User Renewal headwinds. To account for a change in tone from customers and the sales team, management embedded incremental prudence, despite pipeline strengthening in March and April. We view the updated guide as now even more conservative. Our new PT is $125 uses 7.3 our FY26 Revenue estimate (stock indicated ~$108 in premarket)."

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