Okta price target raised to $95 from $80 at RBC Capital

RBC Capital analyst Matthew Hedberg raised the firm’s price target on Okta to $95 from $80 and keeps an Outperform rating on the shares. The company’s restructuring announcement and workforce reduction aligns with its management’s recent focus on profitable growth and expectations for meaningful free cash flow margin expansion in FY24, the analyst tells investors in a research note. Okta is well positioned to capitalize on cloud-based trends in identity as COVID pushes the perimeter out further and more quickly than expected, the firm adds.