Okta, Inc (OKTA) PT Lowered to $90 at Needham

Needham analyst Mike Cikos lowered the price target on Okta, Inc (NASDAQ: OKTA) to $90.00 (from $110.00) while maintaining a Buy rating.

The analyst commented: "Okta's FY27 guidance implies ~$3,145 Million in Subscription Revenue for 10% yr-yr growth, which was $42 Million (1.4%) above Street. We view the outlook as a continuation of management's conservative philosophy, which would equate to re-accelerating Subscription Revenue growth in our upside scenario. Okta has added quota-carrying capacity for 3 consecutive quarters, and we expect to see initial returns during 2HFY27. New products yielded strong results in the quarter, representing 30% of 4QFY26 Bookings (from ~20% in recent quarters). Furthermore, when a New product is attached to a deal, Okta recognizes an average ~40% uplift. Net Retention remains stubbornly ~106%, but we believe reallocated resources to go-to-market is providing Okta the firepower to re-accelerate Subscription Revenue later this year. We remain Buy-rated."

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