Okta, Inc (OKTA) PT Raised to $115 at Needham

Needham analyst Mike Cikos raised the price target on Okta, Inc (NASDAQ: OKTA) to $115.00 (from $100.00) while maintaining a Buy rating.

The analyst commented: "Okta's results demonstrated improved execution, with solid performance from Large Customers, Partners, and New Products. We believe the quarter indicates early signs of product adoption as Okta's offering has significantly expanded in recent quarters; as well as a receding headwind from the "COVID cohort" which is expected to dissipate exiting 1HFY26. We expect a negative knee-jerk reaction to management's preliminary outlook of 7% yr-yr growth in FY26, where the Street had modeled 10%. However, we argue the FY26 outlook is an output based on management's conservative cRPO guide for 4QFY25. (Subscription Revenues have been ~1.3x the previous year's cRPO balance.) To the extent Okta (1) outperforms 4QFY25 cRPO guidance, and (2) reaccelerates cRPO based on go-to-market and new product, we believe Okta easily surpasses the 7% guidepost."

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