Okta Shares Exceed Analyst’s Average Price Target of $106.12
Recently, shares of Okta Inc (Symbol: OKTA) surpassed the average analyst 12-month target price of $106.12, changing hands at $108.34 each. When a stock reaches the target set by analysts, they typically face two choices: they can either downgrade their rating based on valuation or adjust their target to a higher level. Analysts may also consider fundamental business developments that could be contributing to the rise in stock price. If business prospects appear strong, it might indicate a reason to raise the target price.
Understanding Analyst Targets for Okta
Within the Zacks coverage universe, there are 34 different analyst targets contributing to the average for Okta Inc. However, it’s important to note that the average is simply a mathematical midpoint. Some analysts have set lower price targets, with one suggesting a valuation of $75.00. Conversely, another analyst has forecasted a target as high as $140.00, leading to a standard deviation of $14.167.
The purpose of examining the average price target is to leverage a “wisdom of crowds” approach, considering the input from multiple analysts to arrive at a more informed figure rather than relying on a single expert’s opinion. As Okta trades above the average target price of $106.12/share, investors have a crucial opportunity to reassess the company’s potential. They must determine whether $106.12 is merely a stop along the way to an even higher target or if the stock has become overvalued, prompting a reevaluation of their investments.
Current Analyst Ratings for Okta Inc
| Recent OKTA Analyst Ratings Breakdown | ||||
|---|---|---|---|---|
| » | Current | 1 Month Ago | 2 Month Ago | 3 Month Ago |
| Strong buy ratings: | 16 | 16 | 16 | 13 |
| Buy ratings: | 2 | 2 | 2 | 2 |
| Hold ratings: | 18 | 18 | 18 | 21 |
| Sell ratings: | 1 | 1 | 1 | 1 |
| Strong sell ratings: | 0 | 0 | 0 | 0 |
| Average rating: | 2.11 | 2.11 | 2.11 | 2.27 |
The average rating above uses a scale from 1 to 5, where 1 represents Strong Buy and 5 equates to Strong Sell. This analysis draws on data provided by Zacks Investment Research via Quandl.com. For the latest Zacks research report on OKTA—FREE.
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
