5 Tech Stocks Making Headlines on Friday

4. Okta, Inc. (NASDAQ:OKTA) has gained 7.69% as of 12:30 PM ET after the San Francisco, California-based identity and access management company increased its guidance for Q2 2022 and the rest of the year. The analysts appreciated the Q1 results and highlighted that Okta, Inc. (NASDAQ:OKTA) has recovered from the data breach that took earlier this year. Following the results, Rudy Kessinger at DA Davidson increased the price target on Okta, Inc. (NASDAQ:OKTA) from $125 to $140 and maintained a Buy rating on the stock. The analyst highlighted that the data breach had a short-term financial impact on Okta, Inc. (NASDAQ:OKTA).

Okta, Inc. (NASDAQ:OKTA) was discussed in the Q2 2021 investor letter of Lakehouse Capital. Here’s what the investment management firm said:

“The Fund held 20 positions as of the end of June and exited four during the year (including) Okta. The companies we exited were sold almost entirely on the basis of their valuations getting stretched well past their norms and to levels where the return profile no longer offered the asymmetric upside that led us to invest in the first place. We dislike selling on valuation as great growth companies are hard to find and letting winners run is an important facet of a winning growth strategy, however, we’re not gluttons for punishment either and in each of those cases we redeployed capital towards other high-quality growth companies with less demanding valuations.”

Okta, Inc. (NASDAQ:OKTA) was held by 46 hedge funds as of Q1 2022.