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Okta Shares Rally Into Q1 Earnings As October Breach Fades Into Memory

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I have covered the technology sector for 25 years. Since 2003, I have been the managing editor of Tech-Stock Prospector, a monthly publication offering research and analysis on small- and large-cap companies. Prior to that, I analyzed the technology industry as senior writer for Louis Rukeyser's Wall Street newsletter.

have advanced 18% since the company in late February delivered solid fiscal Q4 numbers. Ahead of the release of FQ1 results on May 29, the stock, recently trading at $102.96, is up 13.7% YTD versus a gain of 11.1% for the Nasdaq Composite.

Heading into Okta’s FQ4 report earlier this year, investors were worried that the first full quarter after the breach would show at least some deterioration in the business. But Okta managed to surprise to the upside, with total revenue rising 19% to $605 million, coming in 3% above the consensus estimate of $587.5 million. The company even signed a record number of large contracts with $1 million+ in annual recurring revenue .

For FQ1, Okta offered total revenue guidance of $603 million to $605 million , above the consensus at the time of $584.9 million. The company sees FQ1 total RPO of around $1.9175 billion .

 

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