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Okta Inc A OKTA

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Morningstar’s Analysis

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After Its Analyst Day, We Believe Okta Is in the Early Stages of Disrupting Its Markets, Yet Again

Mark Cash Senior Equity Analyst

Analyst Note

| Mark Cash |

We are raising our fair value estimate for Okta to $250 per share from $232 after its 2021 analyst day which showcased new product offerings in the customer and workforce identity markets. In our view, this narrow-moat name is in the early stages of disrupting the identity security markets as its moves into natural adjacencies as one cloud platform and we expect a longer period of greater than 30% year-over-year revenue growth with strong upselling and profound retention metrics while landing new customers.

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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 Jan 31, 2021
Fiscal Year End Jan 31, 2022
Stock Type Speculative Growth
Employees 2,806