Okta to Benefit From Momentum in Revenue Growth, Customer Pipeline, RBC Says

MT Newswires Live12-04

Okta (OKTA) is expected to continue delivering growth, with a positive outlook on its business momentum within the expanding identity management market, RBC Capital Markets said Tuesday in a report.

The company reported fiscal Q3 results that topped Wall Street estimates and raised full-year guidance. Subscription revenue in the quarter rose 11% and current remaining performance obligations increased 13% from a year earlier, both beating consensus estimates, RBC said.

Okta's shares rose 3.9% in recent Wednesday trading.

Management noted an initial win with its Okta for AI Agents offering, driving a major annual contract value increase and supported by a sales pipeline of 100 prospects, RBC said. The analysts cited confidence on the company's long-term prospects, pointing to strong execution and the emerging opportunity in agentic AI.

"We remain optimistic on the agentic opportunity being larger" than the combined markets for workforce and customer identity access management, the report said.

RBC reduced its price target on Okta stock to $97 from $115 "on peer-multiple compression" and maintained its rating at outperform.

Price: 85.07, Change: +3.20, Percent Change: +3.91

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