September may have been rough for cloud stocks, but Bharat Bhise can
see that Okta is doing quite well for itself.
The company has been busy during October. Famous for its niche in the
cybersecurity world, it has made several releases and advances. These movements
have gotten the industry very interested in what the company has to offer.
Okta’s Updates
Okta’s most significant moves include some large-scale developments in
cloud computing. Partnering with Atlassian, they aim to integrate Okta’s
security into Atlassian’s cloud products. This leap forward will boost the cybersecurity levels
of the encrypted information in the cloud, for the benefit of large global
companies.
Another development made in October is what they called the “OktaDynamic Scale.” For Bharat Bhise, this may be a gamechanger: it’s a high capacity
customer identity solution. The biggest commercial enterprises and high-traffic
apps and sites will be able to manage user traffic better. No matter how heavy
the load gets, the apps will be able to handle it.
The Cloud Rises
But the most significant update of the month is that Okta’s stock is on
the “buy” rating by Citi, prompting a wave of stock rise. It’s a 29% rise from
its last closing. This sudden peak is apparently due to the Citigroup placing extensive
coverage over the field of cybersecurity for the cloud. Analysts have now
confirmed that Okta has a chance to grab market share. Should Okta continue to proceed with its high-intensity product
roadmap for the year, the company can see further rises upward.
While the stock market remains tenuous, Bharat Bhise feels that Okta
may have struck gold in the cloud computing and cloud security fields. With the
right decisions and the proper management moves, this could mean a considerable
upswing for the company and its foothold on the market.
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