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Okta (NASDAQ:OKTA) shares have been on observe for a seventh straight session of acquire on Friday, because the inventory rose over 1% to $108.78 in afternoon commerce, its highest since April 2022.
The San Francisco-based cybersecurity agency gained about 30% within the previous six classes. The inventory has risen 50% within the final one yr, in comparison with the over 20% rise of the broader S&P 500 Index.
Earlier on Feb 28, Okta topped estimates with its This fall earnings and issued sturdy steering for the present quarter. The corporate reported income elevated 19% Y/Y to $605M, led by a 20% leap in subscription income.
Brokerage BofA additionally upgraded the shares following Okta’s sturdy fourth quarter outcomes and the potential for outperformance all through FY25.
The inventory closed 22.9% increased on Thursday at $107.30. It’s up 32% over the previous one month.
Taking a look at Searching for Alpha’s Quant Ranking, OKTA has a Robust Purchase score with a rating of 4.94 out of 5. The corporate acquired A+ for progress and A in revisions, whereas its valuation prospect obtained a D+.
Turning to the Wall Avenue neighborhood, 18 analysts gave OKTA a Purchase and above. 24 analysts have given the inventory a Maintain advice, and nobody really helpful Promote or decrease.
Nevertheless, Searching for Alpha analysts are cautious and see the inventory as a Maintain.
“The surprising enhance in free money stream margins and engaging valuation make Okta a beautiful funding within the cybersecurity tech sector,” stated Searching for Alpha analyst Michael Wiggins De Oliviera.
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