Okta Inc’s (NASDAQ:OKTA) blockbuster second-quarter results are delivering an outsized payoff for traders using leveraged ETFs, with the Leverage Shares 2X Long OKTA Daily ETF (NASDAQ:OKTG) surging nearly 54% Thursday as shares of Okta rallied sharply.
Okta jumped more than 28% on Thursday after reporting revenue of $805 million, up 11% year over year and ahead of the $793 million consensus estimate. Adjusted EPS came in at $1.05, topping expectations of $0.97.
Okta Delivers Broad-Based Q2 Beat
Management also raised its full-year outlook for the second time this year, now expecting fiscal 2027 revenue of $3.216 billion to $3.226 billion, while guiding third-quarter revenue to $813 million-$817 million.
Analysts responded by lifting price targets. KeyBanc raised its target to $190 from $180, Guggenheim to $188 from $162, and DA Davidson to $190 from $165.
