Why Okta Stock Trounced the Market Today
Is the tech-stock rout over? Probably not quite yet, but on Wednesday, Okta (NASDAQ: OKTA) shareholders could be forgiven for thinking otherwise.
The online identity-management company's stock rose by almost 5% on the day, leaving the S&P 500 index's sub-1% gain in the dust. A new, bullish take on the company's prospects from a financial services company was the key reason for the rise.
That morning, Stephens & Co. launched its coverage on Okta stock and yes, its recommendation was the equivalent of a buy. The company set a price target of $145 per share for Okta, which is a rich 76% above the latest closing price.
Source Fool.com