Okta price target raised to $130 from $105 at Needham

Needham raised the firm’s price target on Okta to $130 from $105 and keeps a Buy rating on the shares after its Q4 earnings beat and above-consensus guidance. The concerns about the recent hacks at Okta have proven to be a minor impingement on operations, and the management had previously been “overly conservative” while the Street worries have held the shares back, the analyst tells investors in a research note. The company’s cRPO growth of 13%-16% in the reported numbers and Q1 guidance, along with new customer growth of 8% and net dollar retention rate over 110%, suggests the revenue guide is easily beatable, the firm added.