Shares of Okta Inc. (OKTA) are soaring 5.29% in Wednesday's pre-market trading session, following a bullish initiation from Roth Capital. The surge comes as investors react positively to the new coverage and optimistic outlook for the identity and access management company.

Roth Capital has initiated coverage on Okta with a Buy rating and set a price target of $119. This new target aligns closely with the consensus view on Wall Street, where Okta currently holds an average rating of overweight and a mean price target of $118.19, according to analysts polled by FactSet.

The positive sentiment from Roth Capital and the broader analyst community suggests growing confidence in Okta's business model and future prospects. As companies continue to prioritize cybersecurity and identity management solutions, Okta's position in the market appears increasingly robust. Investors are likely interpreting this new coverage as a signal of Okta's potential for further growth and market share expansion in the competitive cloud security landscape.