|Bid||105.50 x 800|
|Ask||105.56 x 1100|
|Day's range||101.64 - 106.17|
|52-week range||41.88 - 141.85|
|Beta (3Y monthly)||1.04|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||143.74|
Anaplan, Inc., CrowdStrike Holdings, Inc., Okta, Inc. - some of the most resilient technology stocks have recently slipped to a key level and are poised for a possible bounce. That's according to All Star Charts, which pointed out software is approaching oversold territory. "Most Technology subsectors like Cloud Computing, Cybersecurity, and Internet, have been […]
Overvalued tech stocks such as Alteryx and Twilio lost market value yesterday. They're also sliding today as investors are wary about valuations and growth.
(Bloomberg) -- Shares of some of this year’s highest-flying software stocks tumbled Monday as investors re-evaluate this year’s rally in light of the premium valuations their rapid revenue growth commands.Data-management software developer Alteryx Inc. plunged as much as 15%, while cybersecurity firm Crowdstrike Holdings Inc. sank 13%. They have been among 2019’s top performers, more than doubling since the start of the year. Both had revenue growth that exceeded 70% in the second quarter and trade at more than 20 times estimated sales, according to data compiled by Bloomberg. The average for the S&P 500 Software Index is about 7 times.Enterprise-software companies have been among the standout gainers in the S&P 500 this year, as investors have been have been willing to pay higher prices for faster revenue expansion amid concerns about slowing global growth. They’ve also been helped by limited China exposure, which has increased their appeal amid the Sino-American trade war. Monday’s slump comes after the broader market retraced almost all of its August losses as trade and economic worries eased.“Most of the names getting hit are high-multiple names that have had impressive run ups,” said Rishi Jaluria, a D.A. Davidson analyst. “This suggests some level of profit taking.”Other notable decliners on Monday include:Fastly Inc. -16%Slack Technologies Inc. -12%MongoDB Inc. -11%Pagerduty Inc. -11%Zoom Video Communications Inc. -9.6%Okta Inc. -11%Twilio Inc. -10%Coupa Software Inc. -11%Trade Desk Inc. -11%Shopify Inc. -7.8%(Adds S&P 500 Software Index average multiple in second pargraph.)To contact the reporter on this story: Jeran Wittenstein in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Catherine Larkin at email@example.com, Richard RichtmyerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Revenue growth for the secured identity management company has been strong in the first half of 2019 but could cool slightly for the year overall.
Okta's (OKTA) second-quarter fiscal 2020 results benefit from new customer additions and growing international momentum driven by increasing adoption of Identity solutions.
Carahsoft Technology Corp., the Trusted Government IT Solutions Provider®, announced that it has been named the 2019 Public Sector Partner of the Year by Okta (OKTA), the leading independent provider of identity for the enterprise. “At Okta, our partners are fundamental in helping us to become the identity standard. Carahsoft continues to perform at a high level to support our growth in the public sector,” said Patrick McCue, Senior Vice President of Worldwide Partners, Okta.
Okta (OKTA) delivered earnings and revenue surprises of 50.00% and 7.18%, respectively, for the quarter ended July 2019. Do the numbers hold clues to what lies ahead for the stock?
Okta's (OKTA) continued investments are expected to keep second-quarter fiscal 2020 margin under pressure despite increasing adoption of Identity solutions.
(Bloomberg) -- A new generation of cybersecurity companies is creating billions of dollars in market value for investors as businesses increasingly turn to cloud-based products for better protection from sophisticated attacks.Okta Inc., Zscaler Inc. and Crowdstrike Holdings Inc. have experienced rapid growth, and analysts say that should continue as customers allocate more resources to security systems that operate in the cloud. Shares of Okta and Zscaler have rallied more than 80% this year, while Crowdstrike has more than doubled since its June initial public offering, making it one of the best performing tech debuts in 2019.“The security industry is in the midst of a massive transformation where we’re seeing security budgets increasingly migrate to cloud-based solutions,” Cowen analyst Nick Yako said in an interview.Global security spending is expected to reach $103.1 billion in 2019, up 9.4% from 2018, according to IDC. And more of the software is running in the cloud as characteristics such as greater processing power and real-time updates combine for better protection. Cloud is expected to account for 38% of security budgets in 2020, up from 18% in 2018, according to a Cowen survey of chief information security officers conducted earlier this year. That’s fueling demand for products like Okta’s identity and access management. Meanwhile, traditional on-premise companies like Palo Alto Networks Inc. are scrambling to adjust their offerings.“You can’t be storing data on premise and expect to have enough information to truly understand how the attacks are propagated and who the attackers are. Without that information you’re not going to stop them,” Needham analyst Alex Henderson said in an interview. “The fundamentals that are driving these companies is that they really do deliver better security.”Okta is expected to post revenue growth of 39% when it reports fiscal second-quarter financial results on Wednesday after markets close. Founded in 2009, San Francisco-based Okta helps companies manage and secure access to their networks for employees and customers. Investors will be looking for an update on international initiatives as well as details about new products, according to Monness Crespi Hardt & Co. analyst Ryan Flanagan.Zscaler, based in San Jose, California, and founded in 2008, offers a web-based firewall to filter Internet traffic. CrowdStrike, based down the road in Sunnyvale, protects employees’ smartphones and personal computers at the device level as opposed to the network level. CrowdStrike, which was founded in 2011, reports earnings on Sept. 5, followed by Zscaler on Sept. 10.These stocks are also benefiting from resiliency to macroeconomic concerns like trade disputes and global growth, analysts say. Strong demand for their products and lack of supply-chain exposure to China have made them a relative haven for investors looking for fewer risks to growth.With all of the stock gains there are concerns that valuations are getting frothy. Okta and Zscaler trade at more than 21 times enterprise value to projected revenue. That’s about three times the average for a group of 20 cybersecurity peers. CrowdStrike trades at 41 times enterprise value to fiscal 2020 sales estimates.To contact the reporter on this story: Jeran Wittenstein in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Catherine Larkin at email@example.com, Andrew MartinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.