02:59 PM EST, 11/20/2025 (MT Newswires) -- Okta ( OKTA ) exited Q3 with steady demand, strength in Okta Identity Governance attach rates, and interest in its privileged access management product strategy following the takeover of Axiom, Oppenheimer said in a Thursday note.

The company is set to release Q3 results on Dec. 2.

The brokerage said it sees potential for around 100 basis-point upside to Q3 consensus revenue estimates. As H2 subscription growth comps ease significantly compared with H1, analysts see a positively biased risk/reward.

For Q4, Oppenheimer said it expects management to raise subscription revenue guidance by about 150 to 200 basis points, citing seasonality, near-term tailwinds from Oktane, and traction from its go-to-market strategy, according to the note.

The brokerage maintained its outperform rating on the stock and price target of $120.

Price: 79.05, Change: -1.04, Percent Change: -1.30