Okta Faces Emerging AI Opportunity, Oppenheimer Says

MT Newswires Live00:05

Okta (OKTA) faces an emerging artificial intelligence opportunity, with the "Okta for AI Agents" service expected to be a key driver, Oppenheimer analysts said in a Thursday note.

Analysts said that while Okta's AI-product revenue is still immaterial, it's contributing to new product momentum.

Oppenheimer said the company's "strong" results in fiscal Q2 beat investor expectations, benefiting from broad-based demand.

Analysts said that the company highlighted growing momentum in artificial intelligence, noting dozens of AI deals in fiscal Q2 and signs of AI driving consolidation opportunities.

Oppenheimer retained an outperform rating on the stock and increased its price target to $190 from $170.

Shares of the company were up 26% in Thursday trading.

Price: 170.48, Change: +36.06, Percent Change: +26.83

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