Okta Inc.'s stock surged 6.64% over a 24-hour period encompassing intraday and after-hours trading on Thursday.

The move was initially driven during regular trading by a significant analyst upgrade from Arete, which shifted its rating from sell to buy and raised its price target to $127, signaling strong confidence in the company's prospects.

The rally accelerated in the post-market session after Okta reported first-quarter results that handily beat Wall Street estimates. The identity management software company posted adjusted earnings per share of $0.91, surpassing the $0.85 consensus, and revenue of $765 million, exceeding the $751.9 million expectation. Furthermore, management raised its full-year fiscal 2027 guidance for both adjusted EPS and revenue above analyst forecasts, underscoring a positive business outlook and momentum, with the company also highlighting a significant future opportunity in securing identities for AI agents.