186.50 +0.21 (0.11%)
After hours: 6:39PM EDT
|Bid||186.14 x 1000|
|Ask||186.98 x 3000|
|Day's Range||184.60 - 197.70|
|52 Week Range||88.66 - 205.71|
|Beta (5Y Monthly)||0.89|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
The coronavirus pandemic has forced businesses to make digital transformations. As automation holds the key, these five stocks are poised to rally further.
(Bloomberg Opinion) -- One of the most feared antagonists in the “Star Trek” universe is the seemingly unstoppable alien species called the Borg. These cybernetic aliens travel the galaxy, conquering and assimilating everything in their path while greeting each new victim with the catch-phrase, “Resistance is futile.”In many ways, the prevailing narrative around Big Tech is similar to this sci-fi series villain story line. Pundits often cite how the technology giants’ vast financial resources and R&D budgets will lead to an inexorable march to control more and more of the economy. And sure, on the surface it makes sense. Apple Inc. and Google-parent Alphabet Inc. sport net cash balances of roughly $100 billion each and dominate their respective markets, generating vast profit streams from smartphones to search engines. Together with Facebook Inc., Netflix Inc. and Microsoft Corp., these behemoths also reign over the stock market with their ballooning valuations. How can any smaller company hope to compete against such power in the current difficult environment?The reality paints a much less daunting picture. It turns out that the Covid-19 era has led to an explosion of innovation and rapid growth for dozens of smaller technology companies. Many of these upstarts — from video-conferencing software maker Zoom Video Communications Inc. to cloud-computing firm Datadog Inc. — are emphatically winning even as the tech giants try to squash them. And they’re doing it in many cases by simply making a better product and having a laser focus on it. There’s a flaw in the concept that Big Tech can easily expand into new markets by leveraging the power of their core businesses. The reason is all companies – big or small – have finite top-tier engineering talent. And of course, companies tend to put their best people on their most important profit-making segments, versus any peripheral new markets, opening the door for the upstart specialists to thrive.Earlier this year, I wrote how corporations were flocking to software vendors such as Zoom for solutions on how to get the job done at a time when their employees were forced to work from home amid lockdown restrictions. Since then, Big Tech has taken particular aim at the software company as they sought to push their own video-conferencing tools. Last month, Google added a large, blue-colored “Add Google Meet video conferencing” button any time a Google Calendar user tries to add an appointment, while its Gmail accounts with its billion-plus user base also conspicuously have Google Meet in the lower left corner at all times. Microsoft, meantime, has sought to capitalize on early security concerns with Zoom to promote its Teams product. Despite the aggressive moves, you couldn’t see any negative impact in Zoom’s results. Late Tuesday, the upstart posted April-quarter sales results that crushed Wall Street estimates. The company posted first-quarter revenue of $328 million, up 169% from a year earlier, versus the $203 million Bloomberg consensus. It also projected a sales range of $495 million to $500 million for the current quarter, more than double the $222 million analyst estimate. Zoom shares climbed 5% on Wednesday, adding to year-to-date gains that already topped 200%.That’s just Zoom. There are plethora of cloud software names — including monitoring analytics provider Datadog and user authentication company Okta, Inc. — that are also seeing surging demand for their services and the soaring stock prices to match. These companies are building out comprehensive offerings and stronger leadership positions in their respective categories that will be harder to displace as they grow in stature. And it’s still early innings on the growth curve for many of these firms. The move to cloud-computing is a seminal paradigm shift similar in scope to the transition to mobile smartphones nearly a decade ago. Gartner said the world-wide enterprise technology market was $3.7 trillion last year. Even if the economy contracts, it will be a large market, with lots of room for fast-growing companies to make meaningful share gains as spending shifts toward new technologies. “The trends of digital transformation and cloud migration remain very much intact over the long term and may even be accelerated or amplified,” Datadog CEO Olivier Pomel said during his May earning call with investors. Another recent example of Big Tech’s failure is Amazon.com Inc.’s foray into gaming. After years of development, the e-commerce giant released its first big-budget video game “Crucible” last month to much fanfare, even advertising the title on the front page of its website. It was meant to be the Amazon’s beachhead into the large attractive gaming market. It didn’t go well. To illustrate, just a couple weeks after its launch “Crucible” has precipitously fallen in the Twitch charts, a key indicator of gamer engagement, to roughly 100 viewers or barely in the top 500 titles. It turned out to be a complete flop, even as Epic Games Inc.’s Fortnite remains a fan favorite.Despite the worries over Big Tech’s growing dominance, the flip side may actually be the bigger risk. Last month, I wrote how other retailers appear to be taking advantage of Amazon’s service troubles to make incursions, which has allowed them to grow their e-commerce businesses at triple-digit rates. In social media, the short-video platform TikTok has also surged in popularity. Last week, Bloomberg News reported TikTok’s parent ByteDance Ltd.’s revenue for last year more than doubled to more than $17 billion from $7.4 billion in 2018, a level of sales nearly triple that of Twitter Inc. and Snap Inc. combined. Incredibly, if TikTok continues it current growth trajectory, it has the potential to surpass some of Facebook’s key platforms within a few years. And speaking of Facebook, its latest big push into e-commerce space, Facebook Shops, relies in great deal on a partnership with online-store software maker Shopify Inc. and its extensive array of commerce tools for small businesses.History shows the tech industry’s reputation for disruption is unmatched. And if it is any guide, investors shouldn’t overlook or underestimate the industry’s up-and-comers, even in — or should I say especially in — times like these. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tae Kim is a Bloomberg Opinion columnist covering technology. He previously covered technology for Barron's, following an earlier career as an equity analyst.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
This summer will start against a backdrop of unprecedented uncertainty, so investors looking to add to their portfolios will want to focus on rock-solid companies like these.
Is (OKTA) Outperforming Other Computer and Technology Stocks This Year?
Shares of the identity-management company climbed on a strong earnings report and optimism about the work-from-home economy.
Earlier this year, Okta (NASDAQ: OKTA), a cloud identity-management company, released its annual Businesses @ Work report highlighting the trends in cloud applications across its huge customer base. It turns out that focusing on three companies that help make today's cloud software possible -- Okta, MongoDB (NASDAQ: MDB), and Amazon.com (NASDAQ: AMZN) -- is a great way to play this growing trend. Let's look at what these three bring to the table, why they have tremendous long-term potential, and how tech investors should think about becoming shareholders in these exceptional cloud computing enablers.
(Bloomberg) -- Okta Inc. projected revenue in the current quarter in line with Wall Street estimates, suggesting that a swell of remote workers has created steady demand for its security software.Sales will be $185 million to $187 million in the period ending in July, the San Francisco-based company said Thursday in a statement. Analysts, on average, projected $185 million, according to data compiled by Bloomberg. Okta expects a loss, excluding some items, of 1 cent to 2 cents a share, better than analysts’ projection of a loss of 9 cents.The company affirmed its annual revenue forecast of as much as $780 million. The company now projects a narrower adjusted loss in the fiscal year of as much as 23 cents a share compared with an earlier forecast of 36 cents.Okta makes identity-management software used to log in to various systems. The company has benefited from businesses’ need to have employees remotely access corporate systems in a secure way. Chief Executive Officer Todd McKinnon has sought to integrate his technology with programs from various other companies in a bid to compete against larger rival Microsoft Corp. In April, Okta expanded an alliance with onetime foe VMware Inc. to help protect networks and applications from unsafe software and devices. The company announced similar pacts with CrowdStrike Holdings Inc. and Tanium Inc.“The good news for us is only 12% of our business is in Covid-19 impacted industries,” McKinnon said in an interview. “There are other companies going quickly to remote work and doing contracts that got fast-tracked.”Okta’s revenue climbed 46% to $183 million in the period that ended April 30, beating analysts’ estimates of $172 million. Excluding some items, the company lost $8.1 million in the quarter, or 7 cents a share. Analysts projected a loss of 18 cents.Okta’s remaining performance obligations, a measure of future business, jumped 57% in the quarter to $1.2 billion.(Corrects explanation of remaining performance obligations in final paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The ID management platform provider has been an 11-bagger since going public three years ago, but last week's blowout report had one fatal flaw.
Despite the disruption from the pandemic, it was mostly business as usual for Okta (NASDAQ: OKTA) as the identity-and-access management company delivered another strong quarter. Shares of the SaaS (software-as-a-service) company had surged in recent months, more than a doubling from their bottom in March, as investors saw Okta as one way to play the work-from-home trend as enterprises and organizations are turning to the company to help facilitate remote access.
Good afternoon, and thank you for joining us on today's conference call to discuss the financial results of Okta's first quarter fiscal year 2021. With me on today's call are Todd McKinnon, Okta's CEO and Co-Founder; Bill Losch, the company's Chief Financial Officer; and Frederic Kerrest, the company's Executive Vice Chairman, COO and Co-Founder.
Okta's (OKTA) first-quarter fiscal 2021 results benefit from new customer additions and growing international momentum driven by increasing adoption of Identity solutions.
Okta (NASDAQ: OKTA), an identity management platform provider, has morphed into a Wall Street darling recently. Following a sudden sharp decline in its stock price when the coronavirus market crash first started, Okta shares have rebounded to new highs recently. Investors have turned to high-growth tech stocks like Okta in a bet on the acceleration of digital trends as consumers shelter at home and as many companies are enabling their employees to work virtually.
Okta (OKTA) delivered earnings and revenue surprises of 61.11% and 6.25%, respectively, for the quarter ended April 2020. Do the numbers hold clues to what lies ahead for the stock?
Aside from our house, all the money my wife and I have saved over the last 30-plus years is invested in stocks. At 53 years young, we hold a concentrated investment portfolio that will fund our eventual retirement.
Here is a sneak peek into how VMW, ZS, OKTA and CRM are poised ahead of their upcoming earnings releases on May 28.
Here is a sneak peek into how VMW, ADSK, ZS, OKTA and CRM are poised ahead of their earnings releases on May 28.
Okta (OKTA) is at a 52-week high, but can investors hope for more gains in the future? We take a look at the company's fundamentals for clues.
Okta's (OKTA) first-quarter fiscal 2021 results are expected to reflect higher adoption of Identity solutions. However, continued investments in Identity Platform are expected to have kept margin under pressure.
One of the most interesting stocks to watch this week will be Okta (NASDAQ: OKTA), a technology company that provides identity management platforms for enterprises, enabling their employees to have single sign-on experiences across apps. The growth stock is likely on many investors' radars for a number of reasons. First, some investors are likely expecting that the company is benefiting from work-from-home trends.
Okta (OKTA) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Three no-brainer tech stocks that are poised to benefit as companies accelerate plans for a cloud-based digital future are Veeva Systems (NYSE: VEEV), Okta (NASDAQ: OKTA), and Arista Networks Inc (NYSE: ANET). As cloud software started to become mainstream, Veeva CEO and co-founder Peter Gassner realized that there weren't quality software solutions for the highly regulated life sciences industry, so he started the company in 2007.