Okta (OKTA) reported a strong fiscal Q1 with outperformance

across the board and a guidance raise, RBC Capital Markets said in a Friday note.

"Momentum is building for both new products and a GTM perspective with specialization and capacity increase benefits both yielding results," the report said.

Based on accelerating current remaining performance obligation growth, additional upside to fiscal 2027 estimates seems likely given strong execution and positive demand signals, it said.

The note also said early traction with agentic security remains encouraging and could represent a source of upside.

RBC maintained its outperform rating and raised its price target to $122 from $108 on higher estimates.

Price: 120.31, Change: +25.59, Percent Change: +27.02