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Why were Okta stocks winning today?




What happened

Actions ofOkta(NASDAQ: OKTA) climbed higher this morning after the cloud identity company received bullish analyst notes following its annual investor conference yesterday.

As a result, the stock was up 5.2% at 10 a.m. EDT.

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So what

At yesterday’s conference, Okta announced new product extensions in Identity Governance Administration and Privileged Access Management, adding to its core categories of Workforce Identity Management and customer access management. With this expansion, the company now estimates its total addressable market to be worth $ 80 billion, up from its previous estimate of $ 55 billion. Management also forecasts an annual organic growth rate of 30% through 2024, leading to a growth rate of $ 2 billion by this year.

This morning, Okta received some applause from Wall Street for the update as Mizuho analyst Gregg Moskowitz said the company was significantly expanding its addressable market and was well positioned for long-term growth. term, claiming that the company had defined a “very ambitious strategy”. He also estimated that the company’s annual growth rate would be 35%, including the acquisition of Auth0. Still, he maintained a neutral rating on the action and a price target of $ 255, saying he was waiting to see how the Auth0 integration went.

DA Davidson, meanwhile, reiterated a buy note and a price target of $ 280, saying the company offers the most comprehensive identity platform out there.

Now what

With the recent acquisition of Auth0 and two new product categories, Okta clearly has a long growth path ahead. Cloud stock has been a consistent winner since its IPO in 2017, as it has delivered consistent revenue growth and improved margin. While stocks are arguably expensive, its base of 30% organic growth over the next three years and a huge addressable market to grow in shows why it’s worth paying for the stock.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a premium Motley Fool consulting service. Were motley! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.

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