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OKTA Advances in Zero Trust Strategy With Okta Device Access
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Okta (OKTA - Free Report) recently launched Okta Device Access that secures access to corporate devices for a hybrid workforce using Okta’s Identity and Access Management capabilities. The product is expected to be available in Early Access and General Availability starting third-quarter 2023.
As remote and hybrid workforces expand, protecting access to all corporate devices is a top priority. The new product addresses this issue by enabling stronger authentication to unlock a device and simplifying the login experience for employees.
Okta Device Access is part of Okta’s Workforce Identity Cloud, which helps organizations achieve zero trust and protect user and device identities. It allows to shift from traditional multi-factor authentication by enabling phishing resistance and passwordless capabilities.
It works across devices and supports Windows and macOS. It encompasses two critical features — Desktop MFA — that extends Okta’s Advanced MFA policies to the desktop login to strengthen their zero-trust strategy; and Desktop Password Sync — which enrolls users’ credentials into Okta Verify and FastPass.
Okta is benefiting from continued product innovation, which is reflected in its increased customer count and subscription revenues. It continues to expand its technology partnerships with enterprises like Alphabet (GOOGL - Free Report) and Zoom Video (ZM - Free Report) so that customers can deploy its solutions while enhancing security.
Okta expanded its partnership with Alphabet division Google and announced a new go-to market alliance. Google’s global and public sector sellers will co-sell Okta's Workforce Identity cloud along with Google Workspace.
In partnership with Zoom, Okta announced Okta Authentication for end-to-end encrypted meetings for all paid joint customers. This new feature leverages Okta to determine the authenticity of a meeting attendees’ identity.
Okta’s efforts to strengthen its portfolio are expected to benefit its top-line growth. In the first quarter of fiscal 2024, the company’s total revenues were $518 million, up 24.8% from the year-ago quarter’s reported figure.
Okta’s total customer count was 18,050, up 14% year over year. Customers with more than $100K in Annual Contract Value (ACV) increased 23% year over year.
For the second quarter of fiscal 2024, Okta projects total revenues between $533 million and $535 million, indicating a year-over-year growth of 18%.
For second-quarter fiscal 2024, the Zacks Consensus Estimate for revenues is pegged at $534.06 million, suggesting growth of 18.2% from the year-ago quarter’s reported figure.
The consensus mark for earnings is projected at 21 cents per share, suggesting an improvement from a loss of 10 cents in the year-ago quarter.
Zacks Rank & Stock to Consider
Okta carries a Zacks Rank #3 (Hold). The stock has gained 11.3% year to date compared with the Internet- Software and Services industry and the Computer and Technology sector’s rise of 19.2% and 35.8%, respectively.
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OKTA Advances in Zero Trust Strategy With Okta Device Access
Okta (OKTA - Free Report) recently launched Okta Device Access that secures access to corporate devices for a hybrid workforce using Okta’s Identity and Access Management capabilities. The product is expected to be available in Early Access and General Availability starting third-quarter 2023.
As remote and hybrid workforces expand, protecting access to all corporate devices is a top priority. The new product addresses this issue by enabling stronger authentication to unlock a device and simplifying the login experience for employees.
Okta Device Access is part of Okta’s Workforce Identity Cloud, which helps organizations achieve zero trust and protect user and device identities. It allows to shift from traditional multi-factor authentication by enabling phishing resistance and passwordless capabilities.
It works across devices and supports Windows and macOS. It encompasses two critical features — Desktop MFA — that extends Okta’s Advanced MFA policies to the desktop login to strengthen their zero-trust strategy; and Desktop Password Sync — which enrolls users’ credentials into Okta Verify and FastPass.
Okta, Inc. Price and Consensus
Okta, Inc. price-consensus-chart | Okta, Inc. Quote
Strengthening Partnerships to Boost Prospects
Okta is benefiting from continued product innovation, which is reflected in its increased customer count and subscription revenues. It continues to expand its technology partnerships with enterprises like Alphabet (GOOGL - Free Report) and Zoom Video (ZM - Free Report) so that customers can deploy its solutions while enhancing security.
Okta expanded its partnership with Alphabet division Google and announced a new go-to market alliance. Google’s global and public sector sellers will co-sell Okta's Workforce Identity cloud along with Google Workspace.
In partnership with Zoom, Okta announced Okta Authentication for end-to-end encrypted meetings for all paid joint customers. This new feature leverages Okta to determine the authenticity of a meeting attendees’ identity.
Okta’s efforts to strengthen its portfolio are expected to benefit its top-line growth. In the first quarter of fiscal 2024, the company’s total revenues were $518 million, up 24.8% from the year-ago quarter’s reported figure.
Okta’s total customer count was 18,050, up 14% year over year. Customers with more than $100K in Annual Contract Value (ACV) increased 23% year over year.
For the second quarter of fiscal 2024, Okta projects total revenues between $533 million and $535 million, indicating a year-over-year growth of 18%.
For second-quarter fiscal 2024, the Zacks Consensus Estimate for revenues is pegged at $534.06 million, suggesting growth of 18.2% from the year-ago quarter’s reported figure.
The consensus mark for earnings is projected at 21 cents per share, suggesting an improvement from a loss of 10 cents in the year-ago quarter.
Zacks Rank & Stock to Consider
Okta carries a Zacks Rank #3 (Hold). The stock has gained 11.3% year to date compared with the Internet- Software and Services industry and the Computer and Technology sector’s rise of 19.2% and 35.8%, respectively.
Meta Platforms (META - Free Report) is a better-ranked stock in the technology sector that investors can consider. Meta Platforms sport a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Meta Platforms shares have gained 125.5% year to date. The long-term earnings growth rate for META is projected at 21.93%.