Okta Stock Fair Value – Okta Reports Record Q1 Results, Boosts FY 2024 Outlook

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Okta ($NASDAQ:OKTA) Inc. (OKTA) reported record first-quarter results, and subsequently raised its fiscal year 2024 revenue and adjusted earnings per share guidance. Okta is a leading independent provider of identity for the enterprise. It provides single sign-on, multi-factor authentication, and API access management solutions to customers in various industries, including healthcare, financial services, manufacturing, technology, and education.

Earnings

OKTA recently reported their record results for FY2023 Q1. With total revenue of 510.0M USD and a net income loss of 153.0M USD, this marks an increase of 33.2% from the previous year. This also marks an impressive increase of total revenue from 234.74M USD in the past three years. As a result, they have boosted their outlook for FY 2024.

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Okta. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Okta. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Okta. More…

Key Ratios Snapshot

Some of the financial key ratios for Okta are shown below. More…

Stock Price

On Wednesday, OKTA stock opened at $89.6 and closed at $90.9, up by 0.9% from its previous closing price of 90.1. The company attributed the strong performance to its expanding customer base and growing market share. Overall, OKTA’s record first-quarter performance and bullish outlook have provided investors with a renewed confidence in the company’s continued success and stock potential. Okta_Reports_Record_Q1_Results_Boosts_FY_2024_Outlook”>Live Quote…

Analysis – Okta Stock Fair Value

At GoodWhale, we have performed an analysis of OKTA’s fundamentals. Our proprietary Valuation Line suggests that the fair value of OKTA share is around $261.7. Currently, OKTA stock is traded at $90.9, which is significantly lower than its fair value – a sign of it being undervalued by 65.3%. This makes it an attractive investment opportunity for those looking to grow their portfolios. Okta_Reports_Record_Q1_Results_Boosts_FY_2024_Outlook”>More…

Peers

Its competitors include Ping Identity Holding Corp, Zscaler Inc, and CrowdStrike Holdings Inc.

– Ping Identity Holding Corp ($NASDAQ:ZS)

Zscaler Inc is a cloud-based information security company that provides internet security, web security, next-generation firewalls, sandboxing, and zero-day protection. It has a market cap of 22.04B as of 2022 and a ROE of -37.32%. The company was founded in 2007 and is headquartered in San Jose, California.

– Zscaler Inc ($NASDAQ:CRWD)

CrowdStrike Holdings Inc is a cybersecurity technology company. The company provides software and services to protect against cyber threats. CrowdStrike Holdings Inc has a market cap of 37.62B as of 2022, a Return on Equity of -6.41%. The company’s products and services are used by organizations worldwide, including Fortune 500 companies, government agencies, and small businesses.

Summary

The stock has risen as a result of the better-than-expected results and guidance update. Going forward, investors should watch for increasing adoption of Okta‘s services as companies continue to move their digital infrastructure to the cloud. Further, diversification into new products and markets could be a positive catalyst for the stock.