Okta price target raised to $94 from $82 at Canaccord

Canaccord raised the firm’s price target on Okta (OKTA) to $94 from $82 and keeps a Hold rating on the shares. The firm said they reported encouraging Q3 results ahead of both the firm’s and consensus expectations. Q4 guidance of 9% cRPO growth implies a 4% sequential deceleration from Q3’s 13% year-over-year growth, but given they guided to 9% Q3 cRPO growth last quarter, there’s a clear precedent for investors to expect upside next quarter.