Okta Stock Surges 132% Since March Amid Strong Earnings and AI Expansion
Okta (OKTA) stock has surged by 132.5% since mid-March, with the largest single-day gain occurring on August 27 after the company reported better-than-expected fiscal second-quarter results. Revenue reached $805 million—up 11% year-over-year and exceeding estimates—and adjusted earnings per share came in at $1.05 versus a forecast of $0.97. The strong performance prompted multiple brokerages to raise price targets, pushing the mean target from $127 to $186 within two months. The stock's momentum was further supported by Okta’s acquisition of Permiso Security and its growing traction in AI agent identity security. CEO Todd McKinnon highlighted record bookings across all quarters, signaling a shift in growth dynamics for the company. Analysts now see the business as capable of faster expansion than previously modeled. Okta's stock closed at $182.37 on September 18 with analysts' mean target just slightly above that level ($186), indicating consensus is catching up to recent price gains.
Tickers: $OKTA