Okta, Inc. (NASDAQ:OKTA) shares are trading higher Tuesday amid a drop in yields.
Treasury yields are falling amid economic growth concerns. The Federal Reserve is in the midst of what is expected to be its most aggressive tightening cycle in more than 40 years as the central bank attempts to tame runaway inflation. Investors continue to worry about rising inflation and the potential for higher rates to cause a recession.
Lower rates increase the present value of future cash flows, which can positively impact the valuations of growth stocks. The 10-Year Treasury yield was hovering around 2.79% at press time.
Okta sells solutions for identity and access management. Its workforce offerings contain products to protect and enable employees, contractors, and partners, while customer identity and access products securely enable an organization's customers to use applications.
OKTA Price Action: Okta Inc. has traded between $102.48 and $77.01 over a 52-week period.
The stock was trading 6.6% higher at $102.31 per share on Tuesday at the time of publication, according to data from Benzinga Pro.
