Needham Releases a Hold Rating on Okta (OKTA)

By Carrie Williams

In a report released today, Alex Henderson from Needham assigned a Hold rating to Okta (OKTAResearch Report). The company’s shares closed last Wednesday at $222.56.

According to TipRanks.com, Henderson is a top 100 analyst with an average return of 27.0% and a 66.1% success rate. Henderson covers the Technology sector, focusing on stocks such as SailPoint Technologies Holdings, Applied Optoelectronics, and CrowdStrike Holdings.

Okta has an analyst consensus of Moderate Buy, with a price target consensus of $273.00.

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Based on Okta’s latest earnings release for the quarter ending January 31, the company reported a quarterly revenue of $235 million and GAAP net loss of $75.81 million. In comparison, last year the company earned revenue of $167 million and had a GAAP net loss of $50.47 million.

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Okta, Inc. provides identity management services to enterprises. Its products include Single Sign-On, Adaptive Multi-Factor Authentication, Mobility Management, Lifecycle Management, Universal Directory, API access management, API products and integration network services.