Okta Inc. (OKTA)

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Okta (OKTA) Inks Partnership Deals to Strengthen Portfolio
By: Zacks Equity Research | April 2, 2020

Okta, Inc. (OKTA) recently announced that it has signed partnerships with leading endpoint protection and management solution providers VMware (VMW ) Carbon Black, CrowdStrike (CRWD) as well as Tanium to enhance its identity cloud portfolio.

These partnerships will allow Okta to integrate a wide range of device risk signals to its identity cloud. Thus, the company’s clients will be able to leverage Okta’s solutions combined with endpoint risk detection to deliver exceptional access security.

Moreover, Okta’s application is designed for iOS, Android and Windows, thus ensuring availability across devices. This will enable the company to collect risk signals from devices themselves as well from its partners.

Okta, Inc. Price and Consensus



Strong Offerings to Drive Top Line

The aforementioned partnership deals are part of Okta’s efforts to enhance identity cloud offerings by integrating additional functionalities to its platform.

Recently, the company introduced the Okta Lifecycle Management Workflows that will enable customers to automate complex identity centric workforce process with the use of code.

The company also unveiled the Okta FastPass that enables password-less login experiences for employees. As a result, clients will be able to save a lot of time and effort on employee login issues.

These endeavors are expected to aid the company acquire more customers and retain existing ones, which will drive the top line over the long haul.

Notably, Okta witnessed solid traction for its services with 400 new customers adopting the company’s solutions in fourth-quarter fiscal 2020. This trend is expected to continue, driven by the ongoing shift to cloud that has increased the need for efficient security services.

Wrapping Up

Despite coronavirus-related uncertainties in the market, Okta recently reaffirmed its revenue guidance and improved operating profit guidance for the first quarter and fiscal 2021. This indicates the company’s confidence in its platform’s ability to perform well during the pandemic.

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