Identity and access management company, Okta (NASDAQ: OKTA) surged in trading on Thursday after the company reported robust second-quarter results and raised its full-year guidance. This performance garnered positive attention from analysts on Wall Street.
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Top-rated Mizuho Securities analyst Gregg Moskowitz reiterated a buy rating on the stock but raised his price target to $93 from $90. The analyst’s current price target implies an upside potential of 26.4% at current levels. The analyst was left impressed with the cybersecurity company’s execution, particularly its 23% year-over-year revenue growth.
Evercore analyst Peter Levine upgraded Okta to a Hold from a Sell expressing optimism that most of the analyst’s concerns have been addressed. Levine commented, “Evercore believes the risk/reward is more balanced at these levels given [that] the business seems to be stabilizing.”
Overall, analysts remain cautiously optimistic about OKTA stock with a Moderate Buy consensus rating based on 16 Buys, eight Holds, and one Sell.