Shares of identity management specialist Okta (NASDAQ:OKTA) rose sharply this week. By the end of the week, shares rose a total of 13.6%.
The stock's move higher is likely primarily driven by a bullish week for growth tech stocks like Okta as well as a bullish note from an analyst at Raymond James.
Capturing bullishness in the overall market, particularly for tech stocks, the Nasdaq Composite rose nearly 3% this week. The S&P 500 rose 1.5%. Many growth stocks like Okta, however, rose several percentage points or more.
Also helping the stock was Raymond James analyst Adam Tindall's move this week to bump his rating on the stock from outperform to strong buy. To support his bullish view, he said his firm's channel checks suggest an acceleration in key organic growth trends for Okta. The analyst has a 12-month price target for the stock of $310.
Investors will find out more about Okta's recent business performance next week. The company is scheduled to report its fiscal second-quarter results after market close on Wednesday, Sep. 1.
Management has guided for fiscal second-quarter revenue to grow 47% to 48% year over year in fiscal Q2.