Okta Inc "Still Underappreciated into 1Q" (Buy) Boyd

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Okta Inc "Still Underappreciated into 1Q" (Buy) Boyd

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Okta Inc Equities

United StatesStill Underappreciated into 1Q

Software

12-month rating Buy

Summary

Into next week's earnings we remain constructive on OKTA shares, backed by decent 12m price target US$115.00

partner conversations and what still seems like an undemanding setup into 1Q,

particularly with the stock trading at 14x CY27 EV/FCF (32x ex SBC). Overall we think the

Price (20 May 2026) US$89.04

stock can work on improving fundamentals and growing credit for the still nascent

agentic identity offering. Couple of key points into the print: RIC: OKTA.O BBG: OKTA US

Upsell - commentary around new product upsell (now 30% of MRQ bookings) Trading data and key metrics

and Okta Identity Governance (OIG) in particular seems to be upticking, and while 52-wk range US$125.54-62.93

early, our checks are suggesting meaningful agentic AI opportunity. Further Market cap. US$16.5b

traction with emerging products as well as further commentary on Okta and Shares o/s 185m (COM)

Auth0 for AI agents (both now GA) can help the narrative. Free float 96%

Seat/MAU counts - Commentary around seat-based pressure in the quarter and Avg. daily volume ('000) 3,771

outlook will be important, following a string of RIFs across the software space Avg. daily value (m) US$286

(20% NET, 20% PYPL, 17% INTU, 10% META, 6% ORCL, etc). When asked last Common s/h equity (01/27E) US$6.88b

quarter, OKTA sounded comfortable with their assumptions around seat counts in P/BV (01/27E) 2.4x

the FY27 guide, but any change in tone here would hurt the narrative, despite the Net debt to EBITDA (01/27E) NM

potential to offset pressure with a larger portfolio and AI/agent SKUs.

EPS (UBS, diluted) (USD)