KeyBanc Capital Markets raised its price target on Okta, Inc. to $190 from $180 on Thursday, maintaining an overweight rating following the identity-management firm’s second-quarter results.
The upgrade follows a 12% year-over-year revenue increase in the quarter and a $76 million upside to remaining performance obligations, which exceeded the trailing twelve-month average of approximately $60 million by 14%. Committed remaining performance obligations grew 14.1% year-over-year. Okta’s gross profit margin stood at 77%.
Okta’s shares have gained 85% over the past six months and were trading near their 52-week high at the time of the upgrade. KeyBanc’s new target places it in the middle of a cluster of recent analyst adjustments. RBC Capital lifted its target to $195 while maintaining an outperform rating, while DA Davidson raised its target to $190. Piper Sandler trimmed its target to $160 and Citi increased its target to $165. Needham initiated coverage with a $200 target.
The upgrades coincide with accelerating demand for Okta’s AI-focused offerings. Management noted dozens of contracts for Okta for AI Agents, with individual AI agent contracts exceeding $1 million. The average size of AI agent contracts now surpasses that of traditional contracts, underscoring the premium pricing power tied to AI deployments.
Okta’s second fiscal quarter results were published on August 27, 2026.
