Okta (OKTA) reported strong fiscal Q4 results, and the stock is poised for further gains, leaving the cloud-based access management platform company as a top pick, Oppenheimer said Monday in a report.

On Monday, Okta boosted full-year revenue guidance after non-GAAP earnings and sales in the three months ended Jan. 31 topped estimates by analysts.

"Overall, an excellent quarter showcasing Okta's growing product breadth and gains from sales adjustments" showed "broad-based momentum, including solid large customer trends," Oppenheimer said.

"We're bullish and establishing Okta as a top pick, seeing a multiquarter re-rating growth scenario solely based on the strong sales and portfolio execution," Oppenheimer said.

"Management remains careful with guidance accommodating a still mixed macro environment," the report said.

Oppenheimer boosted Okta's stock price target to $135 from $125 and maintained its outperform rating.

Okta shares jumped 18% in recent Tuesday trading as benchmark equity indexes extended a slump.

Price: 102.83, Change: +15.67, Percent Change: +17.98