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Looking for the primary identity and security play of the machine-learning era? Okta, Inc. (NASDAQ: OKTA) shares surged 8% after crushing its fiscal first-quarter earnings expectations and revealing an acceleration in its sales pipeline.
Okta’s current remaining performance obligations (cRPO)—a critical forward-looking revenue metric—grew an impressive 12.2% year-over-year to hit $2.50 billion. The digital identity management leader is finding immediate software traction from its brand-new autonomous AI agent identity products, which accounted for a massive 25% of total Q1 bookings. Following the strong print, RBC Capital Markets raised its price target on the stock to an Outperform-rated $122. While Seeking Alpha’s automated Quant Rating holds a neutral stance at a Hold due to lingering premium valuation constraints, Okta's expanding enterprise moat positions it cleanly to secure tomorrow's automated corporate networks.
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