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OKTA - Okta Inc News Story

$212.21 0.4  0.2%

Last Trade - 5:54pm

Sector
Technology
Size
Large Cap
Market Cap £21.32bn
Enterprise Value £20.70bn
Revenue £552.7m
Position in Universe 345th / 6389

BUZZ-Okta Inc: 'High flyer primed for further climb' says Cowen

Wed 21st August, 2019 11:44am
** Cowen & Co starts coverage of cloud software provider at
"outperform" and $150 PT, implying a ~14% upside to stock's last
close; Median PT $130, according to Refinitiv Eikon data
    ** "OKTA is well positioned in the Identity & Access
Management (IAM) market to deliver on its stated goal of 30%+
revenue growth through FY24, all while achieving 20%+ FCF
margins" - Cowen
    ** IAM represents a fast growing segment of security which
has taken on new significance in a cloud/SaaS dominant world and
become a top security spending priority, brokerage adds
    ** Says OKTA's Identity Cloud sits at center of three of
technology's most important secular trends, namely ongoing
migration to cloud, mass digital transformation efforts globally
and rising adoption of a perimeter less security model
    ** Adds OKTA's valuation is high, but warranted given
revenue/FCF will likely scale much faster than est suggest,
future growth opportunities and high quality management team
    ** Current avg rating on OKTA is "buy"
    ** Up to Tuesday's close, stock has risen ~106% YTD

 (Reporting by Arjun Panchadar in Bengaluru)
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