New Buy Rating for Okta (OKTA), the Technology Giant

KeyBanc analyst Eric Heath maintained a Buy rating on Okta on July 10 and set a price target of $175.00. The company’s shares closed last Friday at $138.63.

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Heath covers the Technology sector, focusing on stocks such as Okta, Snowflake, and Zscaler. According to TipRanks, Heath has an average return of 20.9% and a 70.21% success rate on recommended stocks.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Okta with a $125.18 average price target, implying a -9.70% downside from current levels. In a report released on July 6, Scotiabank also upgraded the stock to a Buy with a $165.00 price target.

Based on Okta’s latest earnings release for the quarter ending April 30, the company reported a quarterly revenue of $765 million and a net profit of $74 million. In comparison, last year the company earned a revenue of $688 million and had a net profit of $62 million

Based on the recent corporate insider activity of 83 insiders, corporate insider sentiment is neutral on the stock. Last month, Jacques Frederic Kerrest, a Director at OKTA bought 6,300.00 shares for a total of $744,156.00.