OKTA Solution Receives High Authorization From FedRAMP
Okta OKTA announced that its Okta for Government High solution obtained authorization from the U.S. Federal Risk and Authorization Management Program (FedRAMP).
The solution, complied with more than 420 baseline security, controls for managing critical information.
Okta enables the highest level of security and privacy assurance to federal agencies, enhances user experience, and supports their zero-trust journey.
Okta’s solutions provide Identity-as-a-Service for safeguarding identities, resources and information.
Okta, Inc. Price and Consensus
Okta, Inc. price-consensus-chart | Okta, Inc. Quote
Strengthening Portfolio to Drive Top-Line Growth
Okta recently unveiled Okta for US Military, which is designed to support DoD’s software modernization, cloud adoption, and Zero Trust security capabilities and partnerships by moving mission-critical and sensitive data to Okta solutions.
It also announced innovations for its Workforce Identity Cloud, which aims to provide a unified control plane for managing identity across an enterprise's resources and users.
Okta’s efforts to strengthen its portfolio are expected to benefit its top-line growth.
In the fourth quarter of fiscal 2023, the company’s total revenues were $510 million, up 33% from the year-ago quarter’s reported figure.
For the first quarter of fiscal 2024, Okta projects total revenues between $509 million and $511 million, indicating year-over-year growth of 23%.
For first-quarter fiscal 2024, the Zacks Consensus Estimate for revenues is pegged at $510.567 million, suggesting growth of 23.1% from the year-ago quarter’s reported figure.
Moreover, the consensus mark for earnings is projected at 12 cents per share, whereas it reported a loss of 27 cents in the year-ago quarter.
Zacks Rank & Other Stocks to Consider
Currently, Okta carries a Zacks Rank #2 (Buy). Okta has lost 46.2% in a year compared with the Internet- Software and Services industry and the Computer and Technology sector’s declines of 20.2% and 18.2%, respectively.
Some other top-ranked stocks in the technology sector are Arista Networks ANET, Salesforce CRM and Analog Devices ADI. Arista Networks and Salesforce sport a Zacks Rank #1 (Strong Buy), and Analog Devices carries a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Arista Networks shares have gained 17.9.% in the past year. The long-term earnings growth rate for ANET is projected at 14.17%.
Salesforce shares have lost 10.5% in the past year. CRM’s long-term earnings growth rate is projected at 16.75%.
Analog Devices shares have gained 10.3% in the past year. ADI’s long-term earnings growth rate is projected at 12.05%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Analog Devices, Inc. (ADI) : Free Stock Analysis Report
Salesforce Inc. (CRM) : Free Stock Analysis Report
Arista Networks, Inc. (ANET) : Free Stock Analysis Report
Okta, Inc. (OKTA) : Free Stock Analysis Report
To read this article on Zacks.com click here.