Oppenheimer analyst Shaul Eyal raised his price target for Okta to $130 from $115 following investor meetings. The analyst remains positive on the company's move toward higher-end enterprises as well as across many verticals, and believes expanding uses-cases are driving incremental revenue opportunities. Further, Eyal views international expansion opportunities adding to and building upon an ongoing domestic growth opportunity, and believes Okta remains at an early stage of a sizable over $20B TAM expansion. He reiterates an Outperform rating on the shares.

Bearish flow noted in Okta with 4,950 puts trading, or 2x expected. Most active are May-24 95 puts and Apr-24 95 puts, with total volume in those strikes near 1,600 contracts. The Put/Call Ratio is 2.18, while ATM IV is up over 2 points on the day. Earnings are expected on May 29th.