Okta price target raised to $100 from $90 at Piper Sandler

Piper Sandler analyst Rob Owens raised the firm’s price target on Okta to $100 from $90 and keeps an Overweight rating on the shares. A solid execution and meaningful margin outperformance punctuated a strong quarter, and while macro was called out as a headwind, management expects identify tailwinds to remain resilient and a shift towards upsell/cross-sell business in the near-term, the analyst tells investors in a research note.