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Okta (OKTA) Inks Partnership Deals to Strengthen Portfolio

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Okta, Inc. (OKTA - Free Report) recently announced that it has signed partnerships with leading endpoint protection and management solution providers VMware (VMW - Free Report) Carbon Black, CrowdStrike (CRWD - Free Report) as well as Tanium to enhance its identity cloud portfolio.

These partnerships will allow Okta to integrate a wide range of device risk signals to its identity cloud. Thus, the company’s clients will be able to leverage Okta’s solutions combined with endpoint risk detection to deliver exceptional access security.

Moreover, Okta’s application is designed for iOS, Android and Windows, thus ensuring availability across devices. This will enable the company to collect risk signals from devices themselves as well from its partners.

Okta, Inc. Price and Consensus

Strong Offerings to Drive Top Line

The aforementioned partnership deals are part of Okta’s efforts to enhance identity cloud offerings by integrating additional functionalities to its platform.

Recently, the company introduced the Okta Lifecycle Management Workflows that will enable customers to automate complex identity centric workforce process with the use of code.

The company also unveiled the Okta FastPass that enables password-less login experiences for employees. As a result, clients will be able to save a lot of time and effort on employee login issues.

These endeavors are expected to aid the company acquire more customers and retain existing ones, which will drive the top line over the long haul.

Notably, Okta witnessed solid traction for its services with 400 new customers adopting the company’s solutions in fourth-quarter fiscal 2020. This trend is expected to continue, driven by the ongoing shift to cloud that has increased the need for efficient security services.

Wrapping Up

Despite coronavirus-related uncertainties in the market, Okta recently reaffirmed its revenue guidance and improved operating profit guidance for the first quarter and fiscal 2021. This indicates the company’s confidence in its platform’s ability to perform well during the pandemic.

A significant uptick in major deal wins which include Autodesk (ADSK - Free Report) and NTT data, among others, also holds promise.

However, increased expenditure on research & development (R&D), as well as sales and marketing are expected to weigh on this Zacks Rank #3 (Hold) company’s margins in the upcoming quarters. You can see the complete list of today’s Zacks #1 Rank (String Buy) stocks here.

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