Cybersecurity co Okta rises ahead of S&P MidCap index addition

Okta's OKTA.O shares up 4.3% premarket to $109.28 as digital identity management co set to join S&P MidCap 400 index .IDX this week

OKTA shares on course to rise for sixth straight session, if gains hold

OKTA to replace Berry Global BERY.N in the IDX effective Thurs, May 1, the S&P Dow Jones Indices said late Mon

Switzerland-based Amcor Plc AMCR.N to acquire U.S. packaging peer Berry in $8.4 bln deal

In an index rebalancing note, Stephens said it expects passive funds will need to purchase 18.4 mln OKTA shares, which is about 6 days of buying demand, based on stock's 3-mth avg daily trading volume of 3.3 mln shares

Over the last five years, stocks of new IDX adds outperformed on avg by 6.1% on the day after the index inclusion announcement, and by 5.6% between announcement and add, Stephens said

With ~173.6 mln shares outstanding, OKTA has ~$18.2 bln market value - LSEG data

Through Mon close, stock up 33% YTD

Of 44 analysts covering OKTA, recommendation breakdown is 26 "strong buy" or "buy", 17 "hold" and 1 "sell"; median PT of $120 up from $105 on Feb 28