Okta Inc Class A

OKTA: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$425.00	Vwsq	Gpvyvyhm

Okta Closes Out the Quarter With Strong Growth but a Reduced Second-Half Outlook; Maintain FVE

Malik Ahmed Khan

Sep 1, 2022

We are maintaining our $193 fair value estimate for narrow-moat Okta after the firm’s strong second-quarter financial results were offset by expected weakness in demand for the remaining part of the year. We continue to view Okta as a leader in the identity and access management, or IAM, space and believe that the firm’s sticky platform, penetration in the enterprise space, and strong customer growth are all indications of continued financial success for the firm. Additionally, we believe Okta has a long runway for growth as the identity-based security space continues to gain additional wallet share of IT budgets.

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