Okta, Inc: Identity Leader Poised for Long-Term Growth

Telluride Research has initiated coverage on Okta, Inc. (NASDAQ: OKTA) with a Buy rating and a $128 price target, representing a potential ~40% upside from current levels. As a pioneer in Identity-as-a-Service (IDaaS), Okta continues to strengthen its position in the cybersecurity and cloud infrastructure space with over 7,000 integrations and a 98% subscription-based revenue model.

Our analysis highlights Okta’s robust free cash flow generation, strong net cash position, and emerging growth catalysts—particularly in AI-driven identity solutions, machine authentication, and expanding U.S. government contracts. Despite increasing competition from large cloud providers, we see Okta as a high-quality, vendor-neutral platform positioned for sustainable profitability and long-term value creation.

Read the report here.