Computer and IT network hacks have become much more prevalent since the acceleration in digital technology adoption which occurred in 2020. In fact, there was a 38% increase in global cyberattacks in 2022, compared to the prior year, according to Check Point Research. 61% of all cyber breaches in 2022 involved credentials which were either stolen or “hacked” using techniques such as a “brute force” attack. Okta (NASDAQ:OKTA) is perfectly placed to help solve these issues as a Gartner leader in identity access management [IAM] and its Single Sign on [SSO] solution. So far, the company has executed well, and in the fourth quarter of the fiscal year 2023, Okta beat both top and bottom-line estimates for growth. In this post, I’m going to break down Okta’s financials for the quarter before revealing my valuation model and forecasts for the company. Let’s dive in.
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