Okta Shares Soar 4% on Goldman Sachs Upgrade
<p><a href='https://financialmodelingprep.com/financial-summary/OKTA'>Okta (NASDAQ:OKTA)</a> shares surged more than 4% in pre-market today after the company received an upgrade from Goldman Sachs analysts. The upgrade was prompted by the analysts' positive assessment of the risk/reward balance, particularly as they expect subscription revenue to reach its lowest point in the latter half of the year.</p>
<p>The analysts upgraded the stock's rating from Sell to Buy and assigned a price target of $91. They predict a period of strong performance for Okta. This expectation is grounded in the anticipation of increased growth in cRPO (remaining performance obligation) and ARR (annual recurring revenue), with a projected acceleration from the current 10-15% range to 15%-20%. </p>
<p>This potential growth is attributed to various factors, including the resolution of challenges in Okta's Customer Identity and Access Management (IAM) business stemming from the integration of its own products with acquired ones, the stabilization of the Workforce segment following strategic changes and macroeconomic challenges, and heightened momentum from cross-selling due to new product cycles, such as Identity Governance and Administration (IGA) and Privileged Access Management (PAM).</p>

NASDAQ:OKTA