Okta Inc. shares rallied Thursday as Wall Street greeted the identity-management software company’s forecast of profitability for the year with cautious optimism as it navigates a tight cloud-software spending environment.
Citi Research analyst Fatima Boolani, who has a neutral rating on the stock and an $87 price target, called Okta’s report a “high-octane turnaround in motion.” The outlook continues to be underpinned by “‘hyperconservatism’/prudence against still-tough macro and suboptimal sales productivity hangover.”
Read: Cloud software is a ‘fight for a knife in the mud,’ and Wall Street is souring on the one sector that was winning “While our field work indicates some improvement in Okta’s go-to-market motion, the company still has work to do,” DiFucci said. “Regardless, we continue to believe that there’s little risk in FY24 guidance.”
Analysts surveyed by FactSet had forecast a break-even top line on a per-share basis for the first quarter on revenue of $498.5 million, and 36 cents a share on revenue of $2.15 billion for the year. By Thursday, the Wall Street consensus had risen to 10 cents a share on revenue of $510.4 million for the first quarter, and 72 cents a share on revenue of $2.17 billion for the year.
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