On September 22, Okta Inc. rose 5.15% in regular trading, trading at $191.75/share, with turnover of $471 million. The stock continued its upward trajectory amid a wave of analyst price target upgrades and sustained optimism around AI-driven identity security demand.
On the news front, Needham raised its price target on Okta from $200 to $230, following BofA Securities' recent adjustment from $170 to $200 and Wells Fargo's upgrade from $180 to $200, all maintaining positive ratings. These upgrades reflect growing confidence in Okta's AI agent identity management products and its strategic positioning in the expanding cybersecurity spending cycle.
The bullish sentiment traces back to Okta's strong Q2 earnings, where revenue reached $805 million, up 11% year-over-year, beating the $793 million consensus. Adjusted EPS of $1.05 exceeded estimates by 8%. The company raised full-year FY2027 revenue guidance to $3.22-$3.23 billion for the second time this year. Analysts from RBC, Jefferies, and Oppenheimer have highlighted Okta's early traction in agentic AI as a potentially significant growth catalyst.
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