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Investing.com -- Okta (NASDAQ:OKTA) reported Wednesday strong guidance for the current quarter following fourth-quarter results that topped Wall Street estimates, prompting shares to soar premarket.
At 05.45 ET (10.45 GMT) Okta stock was up 24%, having closed at $87.30 on Wednesday.
The strong results suggest that customers have forgiven the digital security company after a network breach in November resulted in hackers stealing information on all users of its customer support system.
The beat on the top line was driven by "strength with large customers," the company said, as its current remaining performance obligations, or cPRO, climbed 16% to $1.95 billion in the fourth quarter from a year earlier.
Okta provides identity services such as single sign-on and multi-factor authentication to secure logins for online applications and websites to customers.
Goldman Sachs (NYSE:GS) has a 'buy' rating on the company, with a 12-month price target of $120.
"We believe Okta’s commentary, coupled with industry commentary, suggest that the worst of the breach impacts are now behind them," analysts at Goldman said, in a noted dated Feb. 28.
For the three months ended Jan. 31, Okta reported adjusted earnings of $0.63 per diluted share, up from $0.30 a year earlier, on revenue of $605 million, up from $510 million a year earlier. That topped Wall Street estimates of $0.51 on revenue of $587.2 million.
(Yasim Ebrahim contributed to this article.)
