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Okta shares rally about 60% this year as AI boosts identity demand
An analyst upgrade highlighted identity management as a spending priority second only to AI, and suggested Okta gained market share in large enterprise wins.
Okta’s stock has climbed roughly 60% so far this year, drawing renewed attention after the identity-management software company spent years as a “forgotten” name in cloud software investing, according to MarketBeat Ratings.
The latest bullishness is tied to a shift in how businesses plan to allocate tech budgets, with identity management moving higher alongside AI. A fresh Wells Fargo upgrade reportedly ranked identity management as a top spending focus, second only to AI, and also flagged Okta as a market share gainer.
MarketBeat Ratings also notes that the upgrade pointed to Okta landing a series of large enterprise wins, including results that positioned it ahead of Microsoft in that market share take, and that multiple other firms this month came out bullish.
Wall Street ratings summarized by MarketBeat Ratings show Okta as a Moderate Buy, with updated price targets implying upside of up to 25% from current levels, as analysts cite improving profitability and demand trends tied to AI and cybersecurity.