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Barclays's Saket Kalia raised their price target on Okta (NASDAQ: OKTA) by 29% from $93 to $120 on 2026/05/30. The analyst maintained their Strong Buy rating on the stock.

Okta reported its Q1 2027 earnings.

Kalia said they updated their model and raised their price target after assessing the results.

Earnings Report

For Q1 2027, Okta reported:

• EPS of $0.91, which beat the Zacks Consensus Estimate by 6.75% and Q1 2026's $0.86.
• Revenue of $765M, which beat the Zacks Consensus Estimate by 1.82% and was up 11.2% Y/Y.

Management guided:

For Q2 2027:

• EPS of $0.95 to $0.97.
• Revenue of $790M to $794M.

For FY 2027:

• EPS of $3.79 to $3.87.
• Revenue of 3.185B to $3.205.

CEO Todd McKinnon commented: “AI agents are rapidly becoming a new workforce inside every organization, creating a wave of identities that must be secured and governed alongside human users.

“We’re expanding our opportunity as the world’s leading independent and neutral identity provider and helping customers make identity the unified control plane for their secure agentic enterprise.”