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Why Okta Gained 29% Last Month

TheMotleyFool

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Why Okta Gained 29% Last MonthPhoto, wide shot, wide-angle lens, Computer hardware manufacturer, sunset photo at golden hour, photo by Thomas Heaton: https://img.midjourneyapi.xyz/temp/a130cb51-4ded-41be-b600-b83e2078ad65.png

Shares of Okta (NASDAQ: OKTA), the cloud-based identity-management specialist, were moving higher last month as investors continued to pile into SaaS (software-as-a-service) stocks. The company also got a boost from some positive analyst commentary during the month and a strong first-quarter earnings report at the end of May. According to data from S&P Global Market Intelligence, the stock finished May up 29%.

As you can see from the chart below, the stock gained steadily over most of the month.