Okta, Inc (OKTA) PT Raised to $75 at Needham & Company
Needham & Company analyst Alex Henderson raised the price target on Okta, Inc (NASDAQ: OKTA) to $75.00 (from $58.00) while maintaining a Buy rating.
Henderson commented, "Okta extended its streak of beat and raise quarters against high expectations, with strong results across the board. They delivered 59% Revenue growth versus Street at 41% growth, exceeding even higher investor expectations. Okta offered up a CY3Q Revenue guide of $84-$85 million, implying 43%-45% growth and 10%-12% upside to Street estimates for the October quarter. The full year guide increased by just 5% to $372-$375 million, up from prior guidance of $353-$357 million, despite coming in 12% ahead in the July quarter. We find management's guide prudent and see it as a strong positive that leaves room for future beat and raise results. The full year Revenue guide implies a robust 45%-46% pace, driving profitability much faster than expected despite scale investments."