Okta stock price target raised to $36 from $28 at Canaccord Genuity

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Okta shares 5% higher on revenue outlook

Shares of Okta Inc. rose nearly 5% late Wednesday after the San Francisco-based company reported preliminary fourth-quarter sales and said that it expects its customer base to grow 40% to more than 4,350 by the end of the three-month period. Okta said its fourth-quarter revenue will be between $77 million and $77.5 million, which would be a year-over-year increase around 58% and 59%. Its calculated billings are likely to reach between $103.3 million and $104.3 million for the quarter. Analysts polled by FactSet expect revenue of $71 million in the quarter, and 4,150 customers at the end of the quarter.

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