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Okta Inc A OKTA

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Morningstar’s Analysis

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Okta Continues Rapid Growth in Q2 as Identity Is Vital to Zero Trust Security; FVE Raised to $280

Mark Cash Senior Equity Analyst

Analyst Note

| Mark Cash |

We are raising our fair value estimate for narrow-moat Okta to $280 per share from $250 after the company reported second quarter results, and we view shares as modestly undervalued. Our increase stems from anticipating higher growth in the coming years as the identity and access management leader lands new customers at a rapid rate while reaping more spending with existing clients as firms consolidate various security and access needs on Okta’s platform. While Okta’s identity and access solutions for workforces remain the largest portion of sales, the addition of Auth0 accelerates Okta’s disruption into the burgeoning customer identity and access market, aimed at enabling a secure journey for users of a client’s applications. We also believe that Okta will remain an outsized beneficiary of organizations adopting the latest best practices regarding a zero-trust architecture, which can rely on some of Okta’s key solutions like multifactor authentication.

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Company Profile

Business Description

Okta, Inc. addresses two primary security concerns via its workforce identity and customer identity solutions. The pureplay cybersecurity firm sells products to protect employees, contractors, and partners as well as its customers' end users. Okta's software solutions are cloud-delivered, and its integration network gives customers security protection across a wide variety of applications that are critical to business and government needs. The California-based company went public in 2017 and had over 2,100 employees at the end of the third quarter of fiscal 2020.

100 First Street, Suite 600
San Francisco, CA, 94105
T +1 888 722-7871
Sector Technology
Industry Software - Infrastructure
Most Recent Earnings Jul 31, 2021
Fiscal Year End Jan 31, 2022
Stock Type Speculative Growth
Employees 4,176