The identity software provider Okta Inc (OKTA) is poised to grow its addressable market to $ 80 billion by launching new products and services.
Okta recently introduced Privilege Access, a product that provides flexibility in managing identities. By replacing outdated manual input methods with the software, organizations can drastically reduce the number of errors at work. Furthermore, Okta believes that its solutions will be helpful to related areas, including identity, along with the main target market. As a result, the market target for the company could reach $ 80 billion.
Increasing revenue per customer is possible by expanding Okta’s (OKTA) service portfolio. According to Okta, one client who had a $ 465 million contract in 2013 has increased spending on Okta’s services to almost $ 17.1 million today. In addition, the company’s diverse offering makes it easier to attract customers it hasn’t met before. The subscription-based business model of Okta guarantees a stable income while also helping to optimize sales costs.
According to Okta’s management, its revenue is expected to grow by 29 – 30% annually. However, the forecast does not include the recent acquisition of Auth0.
A 52-week low was reached as recently as March when OKTA stock was valued at less than $200. Nevertheless, the company’s quotes have risen again since then, exceeding $ 284 at its peaks. The adjustment in the following weeks led to the fact that on May 10, it was auctioned for $ 230.75.
Shares of Okta (OKTA) lost -2.75% to settle at $230.75 on Monday. Stock volume remained at 1.44 million shares, decreasing the average daily volume of 2.14 million shares over the past 50 days. OKTA shares have risen 36.23% in the past year, and they have fallen by -9.84% in the last week. Over the past three months, the stock has lost -17.93%, while over the past six months, it has lost -1.05%. Furthermore, its current market value is $29.91 billion, and its outstanding shares are 130.18 million.