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Does Okta (OKTA) have what it takes to be a top stock pick for momentum investors? Let's find out.
The stock market has been performing remarkably well within the last year due to several factors, including reduced inflation, which has caused the Federal Reserve to change its tone when it comes to interest rate hikes. Between March 2022 and July 2023, the Fed raised interest rates 11 times.
Okta surprised investors with its improved profitability and cash flow. The company's 19% growth rate was in line Wall Street's expectations.
Zacks.com users have recently been watching Okta (OKTA) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
Okta set a profitability record this past year. There's room to dramatically boost sales over the next several years.
Okta Inc. NASDAQ: OKTA is a cybersecurity company that specializes in identity and access management (IAM) solutions. The computer and technology sector firm helps companies protect against identity-based attacks by providing services aimed at securing employee and customer identities.
Okta (OKTA) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.
Okta's financial results sparked a wave of optimism on Wall Street. One analyst issued a rare double upgrade and more than doubled his price target.
Here is how Okta (OKTA) and AXT (AXTI) have performed compared to their sector so far this year.
Okta Inc (NASDAQ:OKTA) was gifted an upgrade by Bank of America analysts on Thursday after outdoing estimates in its fourth-quarter results. Lifting the identity and access management firm from an ‘underperform' to a ‘buy' rating, BoA said the strong performance could pave the way for future outperformance.