Stephens believes Okta approaching potential growth inflection point

Stephens walked away from the firm’s recent fireside chat with Okta (OKTA) with a greater appreciation for the company’s growth opportunity with Auth0, says the analyst, who believes a significant, underpenetrated growth opportunity remains with roughly 50% of the Customer Identity and Access Management market still relying on homegrown solutions. The timing and magnitude remain uncertain, but the firm believes Auth0 “adds to the case for Okta approaching a potential growth inflection point,” adds the analyst, who maintains an Equal Weight rating on Okta shares.