DA Davidson analyst Rudy Kessinger raised the firm’s price target on Okta to $60 from $45 but keeps a Neutral rating on the shares. The company’s Q3 results were "solid" with significant operating margin improvement, though the outlook for FY24 revenue growth of 16%-17% is less than expected as macro conditions are having a much greater impact, particularly within the SMB segment, the analyst tells investors in a research note. Sales attrition at Okta has come down significantly and integration issues have improved modestly, but average tenure in the sales force remains short, Kessinger adds.
Published first on TheFly
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