Goldman Sachs analyst Heather Bellini upgraded Okta (OKTA) to Buy from Neutral and raised her price target for the shares to $94 from $80. Okta closed Friday down 4%, or $3.67, to $79.21.

The company's "strong" results since its April 2017 initial public offering continue to demonstrate the growing role that identity is playing in the wider enterprise information technology ecosystem, Bellini tells investors in a research note. She says Okta remains the leader in Identity and Access Management within the enterprise, and continues to benefit from its role as an independent, third party management platform for identity and user authentication that works across cloud environments.

Her "Blue Sky scenario" has Okta beating 2020 consensus estimates by 38%. Bellini coupled the upgrade with a downgrade of SolarWinds (SWI) to Neutral from Buy.