Okta’s 413th-Ranked Volume and Barclays’ $112 Target Signal Growth Resilience

On September 4, 2025, Okta (OKTA) closed at $89.50 with a 0.09% decline, trading with a volume of $260 million, ranking 413th in market activity. The stock's performance coincided with an upgraded price target from Barclays, reflecting renewed institutional confidence in the identity security provider's growth trajectory.

Barclays raised its price target for OKTA to $112 from $100 on August 27, maintaining an Equal Weight rating. The adjustment followed Okta's Q2 FY2026 results, where the company reported a 14% year-over-year increase in "clean" RPO to $4.15 billion, aligning with the bank's upside scenario. The firm highlighted Okta's 13% revenue growth to $728 million, driven by public sector demand for its unified identity platform, and a 7.5% earnings surprise with EPS of $0.91 per share. Barclays noted the 11% revenue guidance upgrade as evidence of reduced conservative assumptions in the company's forecasts.

Margin improvements further bolstered the case for OKTA, with net margins rising to 9.2% in Q2 FY2026 from 9.01% in Q1 and 1.07% in FY2025. The stock currently trades at a forward P/E of 24.89x, positioning it as a relatively affordable option in the cybersecurity space. Analysts emphasized that while OKTA offers solid fundamentals, certain AI-focused peers may present more compelling risk-reward profiles.

Backtested performance from August 26 to September 2 revealed a 25.13% implied upside potential from the $89.50 level to Barclays' $112 target. This suggests that the stock's recent consolidation could precede a technical breakout if RPO growth momentum persists and revenue guidance remains intact.