Okta Inc.'s stock soared 7.35% during intraday trading on Thursday, marking a significant upward movement in the identity management software company's shares.

The surge followed an analyst upgrade from investment bank Raymond James, which raised its rating on Okta from "Market Perform" to "Outperform." Such upgrades are typically viewed by the market as a positive signal regarding a company's future business outlook and financial prospects, often boosting investor confidence and driving increased buying activity.