Security Software Earning Previews: OKTA, S

研报英文原文证据摘录

Security Software Earning Previews: OKTA, S

J P M O R G A N North America Equity Research

27 May 2026

Security Software

Earning Previews: OKTA, S

Software - Large Cap / Mid & Small

Cap

Brian Essex, CFA AC

(1-212) 622-5990

brian.essex@jpmchase.com

Upcoming earnings. We preview Overweight-rated Okta and Neutral-rated John Lee

SentinelOne, each of which is scheduled to report earnings this week. Please see (1-212) 622-6064

john.h.lee@jpmorgan.com

greater detail on these companies in the body of our note.

Alex Isaac

• OKTA: Multiple tailwinds heading into 1Q27. We expect strong results (1-212) 622-9159

supported by improving GTM execution, continued new product momentum, alex.isaac@jpmorgan.com

J.P. Morgan Securities LLC

and an agentic AI tailwind that is not fully priced in. Our channel checks have

been positive, as enterprises are placing greater emphasis on security

infrastructure with AI-driven threat vectors expanding. GTM specialization

changes are now behind the company, and management has been focused on

improving productivity of recently hired reps, which could drive another

quarter of margin outperformance as the company eases up on hiring. New

products to gain traction (over 30% of 4Q bookings came from new products,

up from 20% for 4Q the previous year) with a 40% average contract uplift when

new products are included in a deal. Okta’s agentic AI pipeline continues to

build, though we think investors are looking for meaningful revenue

conversion before underwriting a better growth trajectory. We view this year's

guidance as conservative as we consider multiple tailwinds that contribute to

a positive setup. Our Overweight rating is supported by fundamental

improvements, consistent GTM execution, and agentic AI optionality that

remains underappreciated.