Okta Stock Continues to Gain on Strong Business
We all love to take photographs, and we know it is so difficult to continue storing them on our phones. That’s why we have the option of online storage, where we can store our pictures and access them whenever we want.
So, instead of using our hardware and resources, we can use those of other service providers.
The technical term for online storage is “cloud,” and the increasing usage of the Internet has led to the proliferation of cloud applications.
But it has also led to a major problem, that of cybersecurity. With so many people accessing cloud applications and web sites from a number of devices, organizations have to make sure that this does not compromise their networks or other assets.
Okta Inc (NASDAQ:OKTA) solves this problem. The company is a dominating player that provides identity systems to enterprises. The “Okta Identity Cloud” helps organizations benefit from cloud and mobile technologies without compromising their cybersecurity.
Given the growth in the usage of apps and cloud technology, identity systems are quickly becoming the most important layer of an organization’s security. With many workplaces becoming more mobile, identity systems have become the most reliable way to manage user access.
The Okta Identity Cloud provides a unique way to identify users, and this forms the foundation for secure connections between people and technology.
Okta has more than 4,000 organizations in its client list, including big names like 20th Century Fox, Nordstrom, Inc. (NYSE:JWN), Slack, and Twilio Inc (NYSE:TWLO).
Through Okta’s platform, workers can easily access the apps they need to do their work. Organizations use the platform to provide their customers with great experiences online, as well as through mobile devices.
A 2017 report by MarketsandMarkets Research Private Ltd. estimated that the identity systems market is likely to reach $14.8 billion by 2021, from $8.1 billion in 2016. (Source: “Identity and Access Management Market worth 14.82 Billion USD by 2021,” MarketsandMarkets, last accessed May 25, 2017.)
The report says that the growth is due to the fact that organizations have become more concerned about cybersecurity in a world of mobility and myriad technologies.
Okta recently announced its fourth-quarter and fiscal-year 2018 results. The quarter posted a record 59% growth year-over-year in total revenue. For the fiscal year, the growth was 62%.
The business grew as the company acquired more customers and larger deals, in addition to seeing increased investments from the existing customers.
Along with the company’s growing business, the Okta stock price has been strongly rising. The stock’s value has gone up by more than 100% in the last year.
The following Okta stock chart shows its phenomenal rise.
Chart courtesy of StockCharts.com
Okta is solving a vital problem being faced by organizations today. The importance of the identity systems space will likely continue to expand. Investors may want to consider Okta stock for the long term.