Okta Inc. (OKTA) stock soared 5.16% intraday on Monday, reflecting a significant positive movement in its share price.

The surge follows an upgrade by Barclays, which raised its rating on Okta to Overweight from Equal Weight and increased its price target to $90 from $85. Barclays cited identity as the top spending security priority in its chief investment officer survey, with intra-quarter checks showing notable improvement due to healthy demand for new products, better channel engagement, and enhanced execution through salesforce specialization. The brokerage also noted that agentic AI is increasingly viewed as an identity problem, which is likely to support the company.

The upgrade provides a positive catalyst for Okta, which had seen its stock decline 16.5% year-to-date prior to this move. The new price target represents an upside of approximately 24.5% from the last closing price, underscoring the analyst's confidence in the company's prospects.