Okta Inc (NASDAQ:OKTA) shares are jumping on Friday after delivering a first‑quarter report that cleared expectations on both revenue and earnings, followed by a guidance raise that gave the market even more to work with. The strong print was quickly met with higher price targets from BTIG and Needham, adding fuel to the move.

Okta stock is at critical resistance. Why is OKTA stock breaking out?

Q1 Results Land Well Ahead Of Expectations

Okta's latest quarter came in stronger than Wall Street anticipated. The company posted earnings of 91 cents per share, comfortably above the consensus estimate of 85 cents. Revenue reached $765 million, topping the Street's $751.88 million forecast.

The subscription backlog, or RPO, climbed to $4.72 billion, a 16% increase from last year. The near‑term portion of that backlog, known as cRPO, rose 12% to nearly $2.50 billion. Non‑GAAP operating income came in at $191 million, representing 25% of total revenue, showing meaningful operating leverage.

Guidance Moves ...