15 AI News Investors Shouldn’t Miss

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8. Okta, Inc. (NASDAQ:OKTA)

Number of Hedge Fund Holders: 47

Okta, Inc. (NASDAQ:OKTA) is a workplace cybersecurity company that leverages AI-driven features across its Customer Identity Cloud and Workplace Identity Cloud, enabling clients to take control of their digital presence. On December 2nd, Morgan Stanley upgraded Okta, Inc. (NASDAQ:OKTA) to “Overweight” from Equal Weight and raised the price target to $97 from $92. The firm said it is positive on long-term tailwinds in security. However, it is being more selective into 2025 due to factors such as a “stable but still tough” spending environment, a less favorable U.S. fiscal backdrop, and valuation premium versus broader technology. The firm has upgraded the company as it said that it believes the demand environment is stabilizing, competitive headwinds appear to be easing, and newer product cycles that align with the rising importance of GenAI in cybersecurity are also beginning to take hold.

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