Raymond James just turned more positive on Okta (OKTA), upgrading the stock to “Outperform” on April 16 and setting an $85 price target. Barclays followed closely behind on April 20, upgrading OKTA stock to “Overweight” with a $90 price target. The move comes as the broader software group bounces back from last year’s “SaaS‑pocalypse,” with the U.S. Software & Computer Services Index ($DSSV) up more than 36% over the past 52 weeks, even though many names are still well below their highs.
The “SaaS‑pocalypse” theme makes a straightforward point. Software has been treated like a broken business, but what is really happening is a harsh reset. This reset puts identity and security tools in the likely “survivor” bucket because they are built into how companies manage access and protect sensitive data as AI agents spread and push digital risk higher. Identity and access management company Okta now sits in the middle of that story, as traders sort out which software names deserve a fresh look and which still need more time.
