Okta (NASDAQ:OKTA) stock is on the rise Thursday following an upgrade from Cowen analyst Shaul Eyal.
The Cowen analysts upgraded shares of OKTA stock from a “market perform” rating to an “outperform” rating. For the record, the analysts’ consensus rating for the company’s shares is “hold.” That’s based on 38 analysts’ opinions.
In addition to that, Eyal also boosted the firm’s price target for OKTA stock from $70 per share to $100 per share. That represents a potential 40% upside from the company’s prior close price. Also, the analysts’ consensus price target is $87.03 per share.
What’s Behind the Bullish Rating?
Investors have a strong Q4 earnings report to thank for the OKTA stock upgrade. That includes adjusted earnings per share of 30 cents on revenue of $510 million. To put that in perspective, Wall Street was expecting adjusted EPS of 9 cents on revenue of $489.58 for the fourth quarter of the year.
OKTA stock is reacting well to today’s news with heavy trading as investors buy shares. This has more than 3 million units on the move as of this writing. That’s already above its daily average trading volume of 2.7 million shares.
OKTA stock is up 13.1% as of Thursday morning.
There’s more stock market news traders will want to know about below!
We’ve got all of the latest stock market coverage worth reading about on Thursday! Among that is what has shares of Cardio Diagnostics (NASDAQ:CDIO), Funko (NASDAQ:FNKO), and Silvergate Capital (NYSE:SI) stock moving today. All of that news is ready to go at the following links!
More Thursday Stock Market News
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.