Okta Inc.'s stock surged 5.23% in pre-market trading on Thursday, marking a significant upward movement ahead of the regular session.

The price increase followed an analyst upgrade from Raymond James, which raised its rating on Okta from Market Perform to Outperform. Such upgrades often signal improved analyst confidence in a company's future prospects and can drive investor buying activity.

The move aligns with broader strength in software stocks during the pre-market session, though Okta's specific catalyst was clearly tied to the revised rating from Raymond James.