Movement Alert｜Okta Rises 5.07% in Regular Trading, Scotiabank Upgrades to Sector Outperform with $165 Target

Market Focus07-07

On July 7, Okta rose 5.07% in regular trading, trading at $148.53/share, with turnover of $176 million. The rally was driven by Scotiabank upgrading Okta from Sector Perform to Sector Outperform and raising its price target from $135 to $165, implying approximately 11% upside from current levels.

The upgrade follows a series of bullish analyst actions in recent months. UBS raised its target to $150 in early June maintaining a Buy rating, while Berenberg, Oppenheimer, and Morgan Stanley all expressed positive outlooks following Okta's strong fiscal Q1 results. The company reported non-GAAP EPS of $0.91, beating estimates by 7%, with revenue of $765 million growing 11.2% year-over-year. Management also raised full-year earnings guidance to $3.79–$3.87 per share. Analysts have highlighted Okta's positioning in Agentic AI identity management as a key growth catalyst, with the company investing in tools such as Okta for AI agents. According to FactSet, the current consensus rating stands at overweight with a mean target of $122.56.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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