Okta, Inc.

Okta is delivered a decent set of third-quarter results beating revenue expectations of Wall Street and delivering narrower than expected losses. During the quarter, the company added 650 new clients, growing its clientele by 22% to over 17,000. For workforce and customer identity, they continue to experience growth because of the collaboration with some of the biggest businesses in the world, like S&P Global, McKesson, and Zoom. Besides, their vertical in the public sector had another great quarter. Since the beginning of the year, Okta’s business with public sector businesses has grown by more than 65% thanks to outstanding successes in the worker and customer identity clouds. The management also unveiled improvements to the Okta Workforce Identity Cloud, enhancing its one control plane for managing identities across all business users and resources. We give Okta a ‘Hold’ rating with a revised target price.