Okta price target raised to $125 from $115 at KeyBanc

KeyBanc raised the firm’s price target on Okta (OKTA) to $125 from $115 and keeps an Overweight rating on the shares. The firm says Q4 checks were strong, improved from prior quarters, and KeyBanc picked up some instances of SailPoint displacements. There remains some mixed feedback from partners on Okta’s channel alignment. The firm notes Okta announced Eugenio Pace, President – Business Operations is retiring and Eric Kelleher is being promoted to president and COO. KeyBanc has a neutral take on the announcement because while it is positive on the PR’s focus on growth and the consistency an internal promotion provides, given previous execution challenges, an outside perspective may have been welcomed by investors.