#3 - Okta (NASDAQ:OKTA)
I’m a big fan of the “understand what you’re buying” school of investing. And so, while some parts of the cloud computing sector can read like a foreign language to me, Okta (NASDAQ:OKTA) is easy to understand. You can imagine that you need a way to control access to that system once you have a cloud infrastructure.
Okta is the creator of a cloud-based identity management service. This allows their client base of approximately 9,000 organizations to manage their user identification and authentication for employees, contractors, and customers.
The company has a nice habit of beating analysts’ expectations for revenue and profit. And in its most recent earnings report, the company delivered positive EPS for the first time since going public. The company’s stock is up nearly 100% since the beginning of the year.
Analysts rate OKTA stock as a buy. And although the consensus price target suggests the stock could fall, recent analyst ratings suggest the stock may have an upward move of up to 10%. Should you believe it? Absolutely. Okta is widely viewed as the leader in the identity-as-a-service (IaaS) sector. It has revenue that is only a bit over 10% of the total addressable market of $55 billion.
About Okta
Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.
Read More - Current Price
- $92.98
- Consensus Rating
- Hold
- Ratings Breakdown
- 10 Buy Ratings, 20 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $100.39 (8.0% Upside)
