Identity and access management company Okta Inc (NASDAQ:OKTA) is scheduled to host its flagship Oktane 2026 conference from Sept. 22 to Sept. 24 in Las Vegas, Nevada.
The event would demonstrate the company’s Agentic AI innovation and maturation, according to Needham.
The Okta Analyst: Analyst Mike Cikos reiterated a Buy rating, while lifting the price target from $200 to $230.
The Okta Thesis: The focus of the Oktane 2026 event would be on the company’s early product traction and feedback for its AI products, Cikos said in the note.
Check out other analyst stock ratings.
He heighted the following in his Oktane preview:
- Keynotes will feature leaders from Claude-parent Anthropic, Dell Technologies Inc, Amazon.com Inc’s AWS, ServiceNow Inc and other companies, showcasing how Okta secures AI agents and human users.
- Unified Security: Okta helps businesses govern and track AI agents across platforms using a single control framework.
- Anthropic Partnership: Anthropic uses Okta’s Cross App Access (XAA) protocol and supports Enterprise-Managed Authorization for Claude.
- AWS Integration: AWS uses Okta’s XAA protocol to manage how AI agents connect to enterprise tools, joining over 25 major partners like OpenAI and Databricks.
- Dell Collaboration: The company acts as a customer and partner helping design Okta for AI Agents.
- Rocket Mortgage: Successfully migrated 30+ million users to Auth0 in under 7 months with minimal disruption.
- ServiceNow Integration: Okta provides the underlying identity and access control layer for ServiceNow’s AI platforms.
AI agents are driving a surge in Identity Security, the analyst stated. With more than 20,000 customers, Okta is well-positioned to monetize agentic AI through two models – user-seat price uplifts for human-assisted agents and higher consumption-based pricing for autonomous agents, he added.
By standardizing its open Cross App Access (XAA) protocol, Okta is shifting from a standard IAM vendor into a critical C-suite infrastructure control plane, Cikos noted. "Okta is already benefiting from an average 40% ACV uplift when new products are included in a deal, and we see identity, security, and governance of Agents as catapulting Okta from a typical Security or IT decision to a strategic, C-suite partnership," he further wrote.
OKTA Stock Price Activity: Okta shares are trading higher by 4.44% at $190.47 at the time of publication on Monday, according to Benzinga Pro data.
Photo: Michael Vi / Shutterstock