Okta (OKTA) delivered mixed fiscal Q1 results, with revenue, operating income and earnings per share exceeding consensus estimates, Oppenheimer said late Tuesday.

Oppenheimer analysts said the company's guidance, however, implied a second sequential decline in current remaining performance obligations, a leading revenue growth indicator.

"We expect the shares to remain range-bound in the near

term until cRPO patterns reverse and macro concerns abate," the analysts said.

"We see potential upside to a cautious 2H outlook as new products scale and GTM initiatives mature," they added. Oppenheimer kept its outperform rating and a $135 price target on the stock.

Price: 106.90, Change: -18.60, Percent Change: -14.82