Canaccord Genuity Reiterates a Hold Rating on Okta Inc

By Carrie Williams

In a report released today, Richard Davis from Canaccord Genuity reiterated a Hold rating on Okta Inc (NASDAQ: OKTA), with a price target of $27. The company’s shares opened today at $26.31.

Davis noted:

“We attended Okta’s annual customer conference, Oktane, along with almost 2,000 registered attendees and a couple dozen financial types at the analyst breakout session. We came away more convinced that this firm could become something very special over the next decade. While valuation dissuades us from rating Okta BUY at this point, we would likely change our mind if OKTA corrects to the low-$20 range perhaps in response to a market correction or lockup expiration.”

According to TipRanks.com, Davis is a top 25 analyst with an average return of 25.3% and a 76.7% success rate. Davis covers the Technology sector, focusing on stocks such as Bottomline Technologies, Nuance Communications, and Ultimate Software.

Okta Inc has an analyst consensus of Moderate Buy, with a price target consensus of $29.50.

The company has a one year high of $28.25 and a one year low of $21.52. Currently, Okta Inc has an average volume of 407.1K.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Okta, Inc. provides an enterprise-grade identity management services. Its products include training and certification, support, professional services, and adoption services. The company also offers identity, security, digital business, and mobility solutions. Okta was founded by Todd McKinnon and J.