After the recent Lastpass breach, needs for identity management on the upswing…
Okta Stock Is Soaring. Wall Street Sees More Upside.
Okta stock surged ahead of the open Thursday as Wall Street rushed to turn more bullish on the software company after its quarterly earnings.
More than 20 analysts covering the stock hiked their price target following the company’s earnings, and two upgraded their ratings to Buy, according to FactSet data. That gives the stock a Buy rating from 64% the analysts surveyed.
Okta OKTA +9.20% ’s (ticker: OKTA) fiscal fourth quarter earnings beat expectations for profit and revenue, while its guidance for the fiscal year 2024 also came in ahead of the consensus. That sent the stock 17% higher to $83.37 in premarket trading. Analysts have an average price target of $88.
Guggenheim analysts, led by John DiFucci, raised their price target on the stock to $90 from $80, reiterating a Buy rating. “CEO Todd McKinnon said several times on the quarterly conference call that the company is trying to keep it simple–beat and raise is the simple way to describe these results,” they said.
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