On June 9, Okta Inc. rose 5.16% in regular trading, trading at $122.635/share, with trading volume of $160 million. The rally was driven by a significant target price upgrade from UBS.

UBS raised its target price on Okta from $115 to $150 while maintaining a Buy rating, implying approximately 22% upside from the current stock price. The upgrade follows Okta's fiscal first-quarter earnings report released on May 28, which showed revenue growth of 11% year-over-year and remaining performance obligations of $4.719 billion, representing a 16% year-over-year increase. According to FactSet, the consensus analyst rating on Okta is Overweight with a mean price target of $119.83, placing the UBS target well above the Street average.

Okta, Inc. is a leading independent identity provider whose Okta Identity Cloud platform enables customers to securely connect people with technology across any location, time, and device.

(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.)