- Morgan Stanley analyst Hamza Fodderwala upgraded Okta Inc (NASDAQ:OKTA) to Overweight from Equal Weight with a price target of $315, up from $275, implying a 30.5% upside, as the analyst assumed lead coverage of the stock.
- An improving demand environment and more buy-in with developers should drive more robust growth and upside in estimates, contends Fodderwala.
- Fodderwala notes enterprises are shifting a significant portion of security budgets towards Identity and Access Management, or IAM, where Okta is the “market leader.”
- With businesses refocusing on more significant, strategic initiatives to modernize their IAM infrastructure, Fodderwala believes growth is now stabilizing and should prove more durable than the consensus view as demand improves.
- Price Action: OKTA shares traded lower by 2.46% at $235.52 in the market session on the last check Tuesday.
5 Stocks Insiders Are Selling
When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
