Stock Track | Okta Inc. Soars 5.14% Intraday on $1 Billion Share Buyback Program and RBC Price Target Hike
Stock Track
Jan 05
Okta Inc. (OKTA) surged 5.14% during Monday's intraday trading session, reflecting strong investor confidence following the company's announcement of a $1 billion share repurchase program. The buyback authorization, effective immediately, is expected to be funded through existing cash and cash flow from operations.
The positive momentum was further bolstered by RBC Capital Markets raising its price target on Okta to $108 from $97 while maintaining an "Outperform" rating. Analysts cited the company's robust growth prospects and undervalued shares as key drivers for the upward revision. The combined impact of the buyback program and analyst optimism has propelled Okta's stock to significant gains.
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