Okta, Inc. (NASDAQ: 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. The company was formerly known as Saasure, Inc. Okta, Inc. was incorporated in 2009 and is headquartered in San Francisco, California.
- Market Cap: $11.727 billion
- Analysts’ Average Price Target: $93.62
Okta is a leading developer of technologies for identity, which allows for secure access, authentication and automation. This is for a variety of systems like cloud and mobile apps, on-premises servers and APIs (Application Programming Interfaces). Okta has the advantage of being neutral. It does not sell any other software that might compete with customers. Okta has also built a strong ecosystem. The company currently boasts about 7,000 pre-built integrations. Another important trend is Zero Trust security. This assumes that an organization will be compromised and that cybersecurity systems need to be more comprehensive, such as with response and recovery to breaches. Not surprisingly, growth has been robust for Okta. During the fourth quarter, revenues jumped by 33% year-over-year to $510 million and cash flows came to $76 million. Okta’s platform has the benefit for extension into new market categories, such as with SIEM (Security Information and Event Management). Therefore, since OKTA should continue to have momentum for years to come, this is one of the better cybersecurity software stock to own for long-term investors.