OKTA: Strong FQ1 Print. Acceleration Potential More Visible. Increase PT to $119. Reiterate Buy.

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OKTA: Strong FQ1 Print. Acceleration Potential More Visible. Increase PT to $119. Reiterate Buy.

May 28, 2026 Okta, Inc.

(OKTA, Buy, $119 PT)

Gray Powell, CFASECURITY OKTA: Strong FQ1 Print. Acceleration Potential More Visible. Increase PT (212) 882-2348 gpowell@btig.com

AND to $119. Reiterate Buy. Trevor(212) 593-4461Rambotrambo@btig.com

WHAT YOU SHOULD KNOW: OKTA delivered strong Q1 results and raised the outlook Company Data

for the full year. Most notably, OKTA posted CRPO of $2,499MM / +12.2% y/y in FQ1’27 Closing Price $103.00

above our estimate of $2,448MM / +9.9% and the Street at $2,439MM and right on

Price Target $119.00 top of the upside scenario of $2,497MM we previewed on 5/21. In addition, OKTA

increased the midpoint of its FY27 revenue guidance to $3,195MM / +9.5% y/y from Market Cap (M) $19,044.70

$3,180MM / +8.9% previously. Again, this was consistent with our preview. All in, we Enterprise Value (M) $16,805.70

thought it was a very good print. Execution has been stable to improving now for Shares Out (M) 184.90

four consecutive quarters. Existing emerging products, most notably OIG and more Avg Daily Vol-3 Months (M) 3.73

recently PAM, are gaining momentum. And commentary around the opportunity to Dividend / Yield $0.00 / 0.0%

secure AI agents was encouraging. On this point management described the pipelineINFRASTRUCTURE Revisions as “bigger than anything we’ve ever seen.” We bumped up our FY27 revenue estimate

to $3,202MM / +9.7% from $3,182MM previously. And given current momentum, as Previous Current

evident in strong CRPO bookings, we think OKTA could reasonably end up growing at Rating Buy Buy

an 11% pace as the year plays out. We increased our PT to $119/share. Reiterate Buy. Price Target $105.00 $119.00

Key Takes FY27E REV 3,181.92 3,201.60