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Okta, Inc. (OKTA) provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. 
The company offers Okta's, a suite of products and services is used to manage and secure identities, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway enables organizations to extend the Workforce Identity Cloud; Advanced Server Access to manage and secure cloud infrastructure; and Okta Identity Governance, an identity access management and identity governance solutions.
It also provides Universal Login allows customers to provide login experience across different applications and devices; Attack Protection, a suite of security capabilities that protect from malicious traffics; Adaptive Multi-Factor Authentication that minimizes friction to end users; Passwordless authentication enables users to login without a password and supports in various login methods; Machine to Machine provides standards-based authentication and authorization; Private Cloud that allows customers to run a dedicated cloud instance of Customer Identity Cloud; In addition, the company provides organization; Actions and Extensibility; and Enterprise Connections.
It sells its products directly to customers through sales force and channel partners. Shares have formed a bullish "flag" following the company's latest quarterly report. On August 30th, OKTA reported earnings of $0.21 per share on revenue of $556.00 million for the fiscal second quarter ended July 2023. The revenue grew 23.06% on a year-over-year basis.
Guided Higher: The company said it expects third-quarter non-GAAP earnings of $0.29 to $0.30 per share on revenue of $558.0 million to $560.0 million. The consensus earnings estimate is $0.18 per share on revenue of $550.85 million for the October 31, 2023 quarter. The company also expects fiscal year non-GAAP earnings of $1.17 to $1.20 per share on revenue of $2.207 billion to $2.215 billion. The company's previous guidance was earnings of $0.88 to $0.93 per share on revenue of $2.175 billion to $2.185 billion, and the current consensus earnings estimate is $0.91 per share on revenue of $2.18 billion for the year ending January 31, 2024.
Entry Point: $90.00
Stop Loss: $85.50
Trading Range: $44.1204 to $91.50
Target Price: $99.00
