Okta (OKTA)

Feb 3, 2023Trade Ideas

Keep an eye on Okta (OKTA).

After a severe rough patch, the stock is showing signs of life this morning. All on news it’s cutting about 5% of its global workforce to right the ship. Helping, Needham & Company upgraded the stock to a buy rating, with a $90 price target.

“We believe Okta set conservative guidance for FY24, calling for just 16%-17% Revenue growth. The conservatism was driven by disruption to both sides of Okta over the Summer resulting from poor Auth0 acquisition integration and disruptions to the Enterprise Sales process. It appears to us that Okta has righted these problems. We think the growth bar set at 16%-17% in FY24/ CY23 is easily beatable as it was set before evidence of the fixes kicked in,” said Needham, as quoted by Investing.com.

With patience, we believe the $81.30 stock could refill its bearish gap around $95 shortly.

Sponsored Content

This page contains links to products not offered by MARKETARMOR.COM. In exchange for listing these links, we are likely to receive commission for purchases made through these links.

MARKETARMOR.COM is provided to you for informational purposes only and should not be construed as an offer to buy or sell a particular security or a solicitation of offers to buy or sell a particular security. MARKETARMOR.COM may make available certain information related to trading strategies and stock prices for educational and information purposes only; any information made available should not be construed as an endorsement, recommendation or sponsorship of any company or security.

We do not offer investment advice or advocate the purchase, holding or sale of any security or investment by any user of our materials or viewer of any of information videos. We do not provide any legal, tax, or accounting advice or advice regarding the suitability, profitability, or potential value of any particular interment, security, or informational source. By visiting this site or using the training materials, you acknowledge and agree that any reliance upon the content or data available through MARKETARMOR.COM is at your own sole risk. You are strongly advised to use your own judgment, research, and consult a professional advisor.

The information is generic in nature and not targeted to individuals or individual circumstances. We offer our opinion and not specific advice. No professional relationship is formed by visiting this site, viewing its contents, or by purchasing a specific product or service we offer. No fiduciary relationship has been established, nor will one be established at any time.

Results are not typical. Trading securities may not be suitable for all users of this information. Trading stocks and investing in the stock market is inherently risky. You can lose money trading stocks. Do not invest money you cannot afford to lose. Before deciding to trade, you should ensure that you understand the risks involved and take into account your level of experience. You should seek independent advice, if necessary. You, the visitor to this site and user of our products and services, are solely responsible for any losses, financial or otherwise, as a result of trading stocks. Under all circumstances, you, and not MARKETARMOR.COM, assume the entire cost and all risks involved with trading any stock based on any information procured herein. Any views expressed on this site were prepared based upon the information available at the time such views were expressed. Changed or additional information could cause such views to change. The contributors of this site’s information may have a financial interest in many of the stocks discussed herein.