Betting on the Rebound: Okta
Okta is an American identity and access management company that provides cloud-based software that help manage and secure user identification data. It offers identification as a service, including multifactor authentication during network access. Its stocks are trading 75% off their peak prices, and may exercise a rebound when the market sentiment changes.
Okta has annual revenues of $2 billion and manages to keep the expansion rate stable. The Q1 2023 revenues rose by 25% to $518 million. The company has enough room to expand as the market is estimated to be at $80 billion with no other serious peers in sight. Okta services are “horizontal,” and could be used by various companies from various sectors.
The company has a subscription-based business model, which makes cash flows rather stable. It demonstrates a retention rate of 117%, meaning its clients are paying 17% more than they did the year before. The number of users increased by 14% to 18,050 during the year to March 31, 2023. Net cash flow in Q1 2023 increased to $124 million vs $11 million in Q1 2022.
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