Okta Q1 revenue, cRPO on lower side of buy-side expectations, says Roth Capital

Roth Capital keeps a Buy rating and $119 price target on Okta (OKTA), noting that while the company reported most of its metrics above the Street estimates, both revenues and cRPO – current remaining performance obligations – came in at the lower end of buyside expectations. The company’s Q2 revenue guide was also ahead of the Street but cRPO came in below Street estimates and down sequentially, while its RPO bookings momentum slowed materially and billings were below the Street expectations, the analyst tells investors in a research note, adding that while the management said that it not see any macro headwinds, the numbers indicate that momentum has slowed quite a bit from Q4.