Why Okta Stock Rocketed Higher Thursday Morning
Shares of (NASDAQ: OKTA) surged out of the gate Thursday morning, gaining as much as 28.4%. As of 11:30 a.m. ET, the stock was still up 20.8%.
The catalyst that sent the cybersecurity specialist soaring was its quarterly earnings results, which suggested the company may finally be on the path to recovery.
For its fiscal 2024 fourth quarter (ended Jan. 31), Okta generated revenue of $605 million, up 19% year over year, fueled by subscription revenue of $591 million, which grew 20%. The company's focus on costs boosted its bottom line, as adjusted earnings per share (EPS) of $0.68 more than doubled.
Source Fool.com
Okta Inc. Stock
€87.69
0.550%
With 36 Buy predictions and not a single Sell prediction Okta Inc. is an absolute favorite of our community.
With a target price of 101 € there is a slightly positive potential of 15.18% for Okta Inc. compared to the current price of 87.69 €.
