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Cloud-based identity security company Okta (OKTA) - Get Free Report  were rising on heavy volume Monday after analysts at Citi initiated coverage of the stock with a buy rating and $150 price target. 

The price target represents a potential 29% upside from the stock's closing price Friday of $116.24.

Okta shares were rising 0.9% to $117.30 on Monday. 

The initiation was part of a wide-ranging start of coverage at Citigroup in the digital security space.

Analyst Walter Pritchard noted that identity management spending is "up for grabs," giving Okta a chance to grab market share. Pritchard also said that there was an underestimated total addressable market that Okta will be able to capitalize on through an "aggressive" product road map. 

Okta shares have risen more than 90% year to date, but the stock has declined double digits over the past three months.