Updates - Okta 3Q23
Summary
* Okta is back on track, executing well amid a toughening macro climate.
* The Auth0 sales integration issues appear to have been largely resolved.
* Management’s guidance is very cautious – just 16% growth for the next fiscal year of FY24.
* Given Okta’s current DBNR, this suggests there would need to be no new logos to arrive at this growth rate - which seems very unlikely.
* Given the current price of c. $64, the market believes Okta won't ever reaccelerate growth back above 20%