Okta (NASDAQ:OKTA) held its “Oktane” conference yesterday and organized an investor Q&A with senior leadership including CEO Todd McKinnon.
Several noteworthy product announcements were made during the event, including Okta Privileged Access (OPA) set to be available in December, Identity Threat Protection (ITP) with early access in 1Q24, and Fine-Grained Authorization (FGA) expected in the first half of the next year.
“We continue to see Okta as one of the best risk/reward opportunities in Security into 2H given several drivers of revenue reacceleration,” Goldman Sachs analysts said.
Similarly, KeyBanc analysts reiterated an Overweight rating on OKTA stock.
“We come away incrementally positive on Okta's ability to be a consolidator of identity with potential catalysts in the near to medium term,” the analysts commented.
BTIG analysts, who also attended the event, think OKTA could exit FY24 with revenue growth of 20% above the Street at 14%.
“We left those discussions feeling better about the overall demand environment in 2H’CY23 and OKTA’s execution. Lastly, we continued to pick up data points around strong interest in OKTA’s IGA product. As a result, we remain highly confident in OKTA’s ability to meet or exceed Street estimates in the second half of the year,” they wrote after attending the event.
Okta shares fell 1% yesterday.